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88 Energy launches A$10mln equity funding

Coming after last month's farm-out to Premier the AIM-quoted explorer plans to raise AS$10mln with a placing.

88 Energy Ltd - 88 Energy launches A$10mln equity funding
New shares will be priced at a 20% discount to the recent market price.

88 Energy Ltd (LON:88E, ASX:88E) has launched a A$10mln equity funding with the cash earmarked for the on-going evaluation of both conventional and unconventional prospectivity across its acreage in Alaska.

It follows last month’s high profile farm-out deal to bring Premier Oil PLC (LON:PMO) into a portion of Project Icewine’s conventional acreage by committing US$26mln to the planned Charlie well, due in early 2020.

The new funding will support any of 88 Energy’s share of costs for Charlie and also allow the explorer to identify new opportunities on Alaska’s North Slope.

Specifically, 88 Energy said it will cover lease rental payments due on its Alaskan acreage, interest payments on its debt facilities, and ongoing working capital requirements.

It is aiming to sell placing shares at a price of 1.25 Australian cents, representing a 20% discount to the recent market price.

Quick facts: 88 Energy Ltd

Price: 0.29 GBX

AIM:88E
Market: AIM
Market Cap: £20.62 m
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