Winchester Energy Ltd's (ASX:WEL) shares last traded at $0.12, or close to double their valuation two months ago.
Winchester is currently drilling for oil and gas in Texas, U.S., and has completed three horizontal laterals to date.
The company is now heading to market with a capital raising, and the ASX has granted a trading halt to prepare.
The halt will remain in place until the opening of trade on Wednesday 29th November 2017, or earlier if an announcement is made to the market.