88 Energy Limited

Equities

88E

AU00000088E2

Oil & Gas Exploration and Production

Market Closed - Australian S.E. Other stock markets 02:10:11 2024-05-03 am EDT			5-day change	1st Jan Change
0.004 ^AUD	+33.33%		0.00%	-20.00%

Apr. 24	88 Energy firms bookbuild; Gama Aviation inks deal	AN
Apr. 24	88 Energy Raises Nearly AU$10 Million via Placement; Shares Fall 40%	MT

88 Energy proposes placing to raise up to AUD9.8 million

April 23, 2024 at 09:02 am EDT

(Alliance News) - 88 Energy Ltd on Tuesday proposed funds of up to AUD9.8 million, or GBP5.2 million, via a share placing.

The Alaska-focused oil exploration company said it intended to raise the cash via a placing of new shares at AUD0.003 each. This is equivalent to a 40% discount the closing price of 88 Energy's shares on the Australian Securities Exchange on Monday.

The placing itself will be conducted via a bookbuild.

88 Energy said that once the placing is complete, it will have sufficient cash to fund its ongoing working capital requirements and general and administrative overheads for at least 12 months.

Following successful flow testing at the Hickory-1 discovery well in Alaska, the firm said it would be focused on completing post-well testing and analysis, and securing a contingent resource for the SFS and SMD reservoirs.

88 Energy shares were down 16% at 0.16 pence each in London on Tuesday afternoon. The firm has a market cap of AUD62.8 million.

By Holly Beveridge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
S&P/ASX 200	7,629 PTS	+0.55%	+0.70%	-
BRENT CRUDE OIL SPOT	82.78 USD	-1.05%	-5.91%	-
WTI	77.82 USD	-1.52%	-6.94%	-
88 ENERGY LIMITED	0.004 AUD	+33.33%	0.00%	56.7M

Latest news about 88 Energy Limited

88 Energy firms bookbuild; Gama Aviation inks deal	Apr. 24	AN
88 Energy Raises Nearly AU$10 Million via Placement; Shares Fall 40%	Apr. 23	MT
88 Energy proposes placing to raise up to AUD9.8 million	Apr. 23	AN
88 Energy Plans AU10 Million Equity Raise to Advance Projects in Alaska, Namibia	Apr. 23	MT
88 Energy to Initiate Farm-out Process, Production Plans for Alaska Oil Asset	Apr. 19	MT
88 Energy hails successful flow test at Hickory-1 well	Apr. 19	AN
88 Energy Limited Provides Further Information on Hickory-1 Flow Test Results	Apr. 19	CI
88 Energy to Commence Flow Test Studies After Success at Hickory-1 Discovery Well	Apr. 18	MT
88 Energy Posts AU$17.5 Million Cash Balance as of March Quarter-End	Apr. 17	MT
88 Energy hails second light oil discovery at Hickory-1	Apr. 15	AN
88 Energy Reports Second Light Oil Discovery at Alaska Site	Apr. 15	MT
88 Energy Limited Announce Flow Test Results from its Hickory-1 Discovery Well, Located in Project Phoenix on the North Slope of Alaska	Apr. 15	CI
88 Energy Discovers Second Light Oil at SMD-B; Shares Drop 8.3%	Apr. 14	MT
88 Energy Validates Light Oil at Project Phoenix	Apr. 03	MT
EARNINGS: Capricorn Energy loss narrows; Crystal Amber net assets up	Apr. 02	AN
AIM WINNERS & LOSERS: 88 Energy finds oil at Hickory-1; Redx to delist	Apr. 02	AN
88 Energy Wraps Up Flow Testing at Hickory-1 Well in Alaska	Apr. 02	MT
88 Energy Limited Announces Hickory-1 UPPER SFS Zone Flights Light Oil Discovery At Hickory-1	Apr. 02	CI
88 Energy Limited Reports Earnings Results for the Full Year Ended December 31, 2023	Mar. 28	CI
88 Energy updates market on Hickory-1 well in Alaska	Mar. 25	AN
88 Energy Nears Completion of Operations at Hickory-1 Well in Alaska	Mar. 25	MT
88 Energy Limited Provides Update on Ongoing Flow Testing Operations At the Hickory-1 Well Within Its Project Phoenix Acreage Located on the North Slope of Alaska	Mar. 25	CI
88 Energy Limited(ASX:88E) dropped from S&P/ASX All Ordinaries Index	Mar. 17	CI
88 Energy says operations underway at Hickory-1 well	Mar. 11	AN
88 Energy Commences Flow Tests at US Well	Mar. 11	MT

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Company Profile

88 Energy Limited is an Australia-based oil and gas exploration and production company with a North American focus. The Company has operator exploration interests in onshore Alaska and non-operator production interests in onshore Texas. Its Project Phoenix is situated on the Central North Slope, Alaska. Its Project Leonis consists of 10 leases covering approximately 25,600 contiguous acres immediately south of Prudhoe Bay on the North Slope of Alaska. It owns a 45% non-operated working interest in onshore Petroleum exploration license 93 (PEL 93), located in the Owambo Basin, Republic of Namibia (Namibia). Its Project Icewine is situated on the Central North Slope, Alaska and covers an area of approximately 193,000 acres. The Company, through its joint venture subsidiary, Bighorn Energy, LLC, holds a 75% ownership interest in Bighorn Phase 3, which is located in the Permian Basin, Texas, United States.

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Oil & Gas Exploration and Production

Calendar

2024-05-12 - Annual General Meeting

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