88 Energy: Unlocking potential on Alaska's North Slope
- 88 Energy maxes out share sale to raise A$23.96mln
Quick facts: 88 Energy Ltd
Price: 1.59 GBX
Market Cap: £228.97 m
About the company
The company’s stated goal is to build a successful exploration and production company that delivers material benefits to its shareholders and contributes to the development of the regions in which it works.
It operates around 320,000 net acres at Project Icewine and 195,000 net acres at Project Peregrine, both targeting oil on the world-class North Slope of Alaska.
How it is doing
The Alaska focused oil explorer launched the placing earlier this week as it prepares plans for its next steps for the Merlin project, along with its other prospects in the American state’s North Slope region. Specifically, proceeds will fund the planned Merlin-2 appraisal well, slated for Q1 2022.
A total of 855.8mln new shares are being sold to investors at a price equivalent of 1.49p (2.8 Australian cents) to raise the equivalent of £12.71mln.
"Completion of this placing positions 88 Energy strongly as planning and preparations continue for drilling of the Merlin-2 appraisal well,” said chief executive Ashley Gilbert.
The company, in a statement, said it is scheduling the drilling of the Merlin-2 appraisal well in Q1 2022, in the Alaskan winter drilling window.
The company, in a statement, said that well evaluation successfully demonstrated the presence of oil in the N20 and N18 targets, and additionally shows that a new target referred to as N19 was also penetrated in the first well. A total of 41 feet of net pay was encountered by the well, it added.
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