WHL Energy (ASX: WHL) has been placed in pre-open today ahead of a capital raising announcement.
While no further details of the transaction were released, the company has plans to shoot additional seismic over its Seychelles acreage to mature current leads to drillable status.
This will pave the way for a potential drilling program in the second half of 2013.
The company has so far mapped 33 leads and has identified the Junon South trend has been identified as the lowest risk area in the acreage and a potential "sweet spot".
It has also said that a series of relatively bright seismic amplitudes have been noted in the Cretaceous section in the area adjacent to the Seychelles platform margin in the southeast corner of WHL Energy's acreage.
This suggests a new play with potentially high upside that will be the subject of infill 2D seismic.
WHL is also known to be reviewing further Seychelles and east African opportunities with the Seychelles government expected to hold an open acreage bid round later this year.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Thursday 5 April.