WA oil and gas exploration and production company Buru Energy (ASX:BRU) is set to reveal a proposed equity raising, including a new strategic cornerstone shareholder.
Buru had $37.6 million in cash on hand at the end of June 2014.
The ASX has granted the company a trading halt, with its shares placed in pre-open.
The company’s petroleum assets and tenements are located onshore in the Canning Basin in the southwest Kimberley region of Western Australia.
Its flagship high quality conventional Ungani Oilfield project is owned in 50/50 joint venture with Mitsubishi Corporation.
The halt will remain in place until the opening of trade on Monday 22nd September 2014, or earlier if an announcement is made to the market.
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