Brookside Energy Ltd (ASX:BRK) has entered a trading halt as it prepares to announce a capital raise to the Australian Securities Exchange.
The halt will remain in place until the start of regular trade on Friday, August 6, or until an announcement is released to the market, whichever occurs earliest.
Shares last traded at A$0.035, while the company’s market cap is about A$104.2 million.
On schedule with pre-completion operation
Brookside is currently pushing ahead with pre-completion activities at its pioneer Jewell Well in the world-class Anadarko Basin in Oklahoma, USA, as it prepares to move the key oil and gas asset into production.
Some of the key activities include installing crucial equipment, pressure testing ahead of production and conducting mechanical integrity testing on the Jewell Well’s infrastructure.
The well is the first in a five-year, 20-well-plus well inventory strategy, centred on three operated development areas within Brookside’s SWISH Area of Interest (AOI) in the Anadarko oil and gas basin.
Looking ahead, Brookside will finalise its pre-completion activities and prepare the well for the Liberty Oilfield Services crew, which will facilitate Jewell’s completion.