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88 Energy (ASX: 88E) completes rights issue shortfall placement

August 31, 2023 11:12 AM AEST | By Sonal Goyal
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 88 Energy (ASX: 88E) completes rights issue shortfall placement
Image source: Company update

Highlights

  • 88 Energy has completed the shortfall offer placement, to issue 1.45 billion new shares.
  • The shortfall offer includes capital development shares valued at AU$4 million.
  • The funds raised from the rights issue and the shortfall offer will be directed towards Project Phoenix, Project Leonis and Project Longhorn.

ASX-listed oil & gas exploration firm 88 Energy Limited (ASX: 88E, AIM:88E, OTC:EEENF) has completed the shortfall offer placement from the rights issue at an issue price of AU$0.006 apiece. The company has received firm commitments for placing shares under the shortfall offer.

Under the shortfall offer, 88E is to issue 1.45 billion new shares, including capital development shares of approximately AU$4 million.

The rights issue, with which the shortfall placement occurred, closed on 22 August 2023, and witnessed the issuance of 553.07 million new shares.

The proceeds (AU$8 million) are planned to be used for:

  • Project Phoenix - the company’s share of the Hickory-1 well flow test.
  • Project Leonis - planning and permitting of a potential new well.
  • Project Longhorn - development wells as part of the production growth.

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