Galilee Energy Limited (ASX: GLL) has requested ASX to grant a trading halt of its securities with immediate effect, prior to commencement of trading on Monday 9 July 2018 pending the release of an announcement that is speculated to be about a proposed capital raising. By the provision of an announcement to the ASX regarding the proposed capital raising, Galilee Energy expects that the trading halt will be lifted on or before market open on 11 July 2018. Thus, pending an announcement to the ASX in relation to a proposed capital raising the trading halt has been requested. Galilee Energy is expecting that the trading halt should be granted and is not aware of any other information necessary to inform the market about the trading halt.
In last six months, the stock has risen about 189.66% as at July 06, 2018 but fell about 6.7% in last five days. This Brisbane based oil and gas exploration company has gained a lot of traction lately with many updates coming on its flagship Glenaras Gas Project. This project is strategically located in western Queensland’s Galilee Basin and the latest pilot program update has shown encouraging results. The group seems to be going ahead with the capital raising to have proceeds directed towards the project as the group intends to ramp up production soon.
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