88 Energy raises cash for Alaskan oil hunt
PERTH (miningweekly.com) – Alaska-focused oil explorer 88 Energy has completed the bookbuild for a A$17.5-million capital raise to fund drilling of the Hickory-1 well at Project Phoenix, and to fund payment for acreage at the Leonis project.
The ASX- and Aim-listed company on Monday said it would issue more than 1.8-billion shares at a price of 0.95c each, representing a 20.8% discount to the company’s last closing price on February 1, and 20.2% discount to its ten-day volume weighted average share price.
The shares will be issued under 88 Energy’s existing placement capacity, and will not require shareholder approval.
“Completion of this placement ensures 88 Energy is fully funded for the drilling cost of the Hickory-1 exploration well and, upon success, a flow test to be carried out during the 2023/24 winter operational season in Alaska,” said MD Ashley Gilbert.
“Funds will also be directed towards the initial acreage payment and further assessment of project Leonis. We also continue to pursue additional new ventures, targeting opportunities across the asset life cycle that are complementary to our existing portfolio and provide shareholders with exposure to further value creation potential.”
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation