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88 Energy successfully completes placing ahead of new Alaska well

The Winx exploration will be a key focus for 88 Energy and its investors in the coming months
oil and gas operations
Some 555.55mln new shares were sold to investors

88 Energy Ltd (LON:88E) told investors that it has successfully completed a £5.56mln share placing to fund the next phase of conventional exploration in Alaska.

The Winx-1 well is due to be drilled in the first quarter of 2019 to test a ‘high-impact’ 400mln barrel prospect.

READ: 88 Energy continues to be encouraged as it advances conventional exploration

Cash from the fundraising is earmarked for 88 Energy’s share of drilling costs for the Winx-1 well, ongoing lease rent payments, continuing geologic evaluation, debt interest payments and ongoing working capital.

Some 555.55mln new shares were sold to investors priced at 1p per share.

"We would like to thank our advisers and shareholders for their continued support as we enter a potentially transformational period for the company, which includes a possible farm-out by year-end followed by the spud of the Winx-1 exploration well in the first quarter of 2019," said Dave Wall, 88 Energy managing director.

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