Sign up Australia
Proactive Investors - Run By Investors For Investors

88 Energy secures “a level of certainty” that listed options will deliver A$6.75mln of new funds

“This funding along with the existing strong cash position ensures the company is well funded for the next important programmes of work,” said managing director Dave Wall
oil and gas operations
The funding will support the 2018 work programmes in Alaska

88 Energy Ltd (LON:88E) has secured “a level of certainty” that it will receive A$6.75mln of additional capital funding in March, after entering into an underwriting agreement related to listed share options.

There are around 340mln listed options which are exercisable at 2 Australian cents before a deadline of March 2 (current ASX price: 2.9 Australian cents).

READ: 88 Energy looks forward to restarting activity in Alaska

“The underwriting gives 88 Energy a level of certainty that the 88E options that haven't already been exercised will result in funding of A$6.75mln,” the exploration company said in a statement.

“This funding along with the existing strong cash position ensures the company is well funded for the next important programmes of work.”

88 Energy’s forward work programme includes the restart of testing operations in the Icewine-2 shale well and the shooting of new 3D seismic across the broader North Slope exploration areas in Alaska.

READ: 88 Energy highlights “significant pressure build-up” in Icewine well

Dave Wall, 88 Energy managing director, in a statement, said: “The recent financial commitment by the board in respect of its options and the oversubscribed underwriting are a testament to the confidence of management and investors in the future of the Company.

“With significant near and medium term activity, 88 Energy is well placed to continue to create wealth for its shareholders."

View full 88E profile View Profile

88 Energy Ltd Timeline

Related Articles

oil and gas operations
July 24 2018
Prospect S offshore Namibia is Chariot's next shot at a big target, drilling is slated for the fourth quarter this year and it will be closely watched by investors
pylon
Fri
Efforts in future will be directed toward the Chennai power plant and OPG’s growing solar capacity
oil and gas operations
August 02 2018
The agreement includes up to US$35mln in costs regarding the development of Aminex’s remaining 25% interest in the Ruvuma PSA, which would include the Ntorya project

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use