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88 Energy pleased with the response to its rights offer

The funds raised have been earmarked for the potential production testing at Winx-1 exploration well and possible cost overruns associated with the drilling of Winx-1
Australian dollars
In total, 795,887,352 new 88 Energy shares were up for grabs

88 Energy Limited (LON:88E) raised A$3.64mln via its recent rights issue.

In all, the company received acceptances in respect of 202.3mln shares via the core element of the rights issue. A further 593.59mln "shortfall shares" were available under the offer; the company said it reserves the right to place the remaining shortfall shares sometime before January 26, 2019.

READ: 88 Energy continues ongoing rights issue process, offer documents published

"The company is grateful for the support shown by existing shareholders, despite the recent volatility in the broader market, and the take-up under the offer has exceeded internal projections,” said Dave Wall, the managing director of 88 Energy.

“88 Energy is well positioned given the potential farm-out transaction targeted for completion prior to 2018 year-end, followed by the drilling of the high impact Winx-1 well in 1Q2019," Wall said.

The company also issued a quarterly report today that summarised activities in the third quarter of 2019.

Highlights included the large upgrade to the portfolio at Project Icewine, the execution of definitive agreements for farm-in to the Western Blocks and solid progress in the process of 3D seismic data on the Yukon acreage.


--- corrects earlier assertion that 593.59mln shortfall shares were bought by shareholders ---

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