Molopo Energy (ASX:MPO) has been granted a trading halt by the...

Molopo Energy (ASX:MPO) has been granted a trading halt by the ASX, with its shares place din pre-open.

MPO requested the halt pending a restructure of the board.

During the June quarter 2014 the company averaged 239 barrels of oil equivalent per day, predominately derived from six wells in Crockett County, Texas.

The volume is below more recent production levels of 275-290 boe/d due predominantly to maintenance downtime.

MPO’s 2014 capital expenditure on these assets is for the installation of pumps on four of the six wells to improve productive efficiency and mitigate down time as a result of wells loading-up with fluid.

One of the pumps was installed during the second quarter and has demonstrated success. The remaining three pumps are scheduled to be installed during the third quarter.

The halt will remain in place until the opening of trade on Wednesday 3rd September 2014, or earlier if an announcement is made to the market.