Oil and gas explorer Tellus Resources (ASX: TLU) is heading to market with a capital raising, with the ASX granting the company a trading halt.
TLU's shares are now in pre-open.
The company has an interesting portfolio of assets, which includes the operatorship and 41.67% interest in the Covenant Mondo project, which is located in Utah, U.S.
Covenant Mondo is a large conventional oil asset with the potential set to be tested shortly with drilling to commence.
The company also has a 30% interest in PEL 105 in the Cooper Basin where it will be free carried on a well to be drilled by Senex Energy (ASX: SXY) by the end of June 2014.
Rounding out the current Tellus portfolio are some legacy gold assets, with the divestment of these underway.
The halt will remain in place until the opening of trade on Friday 4th April 2014, or earlier if an announcement is made to the market.
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