(MENAFN- ProactiveInvestors - Australia) Neon Energy (ASX: NEN) is finalising a capital raising and has gone into a trading halt on the ASX.
While the company did not elaborate on the raising, it had last month flagged plans to commercialise its Paloma-3 shallow gas well in California, which flowed up to 2.2 million cubic feet of gas during testing.
It also flowed light oil and a small flow of gas from testing of the McDonald Sandstone, the deepest objective in the Paloma Deep-2 well.
The halt will last until the earlier of an announcement to the market, or the opening of trade on Friday 14th September.
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