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88 Energy (ASX: 88E) announces $9.9mn placement to fuel Alaskan and Namibian projects - Kalkine Media

November 29, 2023 03:04 PM AEDT | By Team Kalkine Media
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Highlights

  • 88E has successfully completed a bookbuild to raise AU$9.9 million.
  • The company had cash reserves of AU$9.4 million, as of 31 October 2023.
  • Focus is on delivering successful flow testing of multiple reservoirs at the Hickory-1 well in 1Q24.
  • Funds would also be directed towards initial exploration in Namibia.

Oil & gas explorer and producer 88 Energy Limited (ASX:88E, AIM:88E, OTC: EEENF) is undertaking a share placement to raise AU$9.9 million before costs. 

The funds raised are planned to be directed towards initial exploration activities at the recently acquired Owambo Basin acreage in Namibia and upcoming flow testing operations at the Project Phoenix-based Hickory-1 well in Alaska.

88E shares traded at AU$ 0.005 at the time of writing on 29 November 2023.


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