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- 88 Energy (88E) has entered a trading halt ahead of a capital raise and some changes to its board of directors
- At this stage, it isn’t clear how much money will be raised or what it will be used for
- However, 88 Energy expects to begin drilling at its Merlin-1 well in Alaska later this month or in early March
- This follows an earlier than expected drilling approval from the Alaskan Bureau of Land Management
- Whether or not the capital raise will support this program is not yet certain
- 88E last traded at 1.1 cents on Tuesday, February 9
88 Energy (88E) has entered a trading halt ahead of a capital raise and some changes to its board of directors.
The energy stock will remain in the trading halt until Friday, February 12, unless details of the raise and board restructure are released earlier.
At this stage, it isn’t clear how much 88E will raise or what it will use the money for. However, at the start of this month, the company announced it had been granted a drilling permit for the Merlin-1 well in Alaska.
Originally, 88 Energy expected the approval in on February 12, however, the Alaskan branch of the Bureau of Land Management gave its tick of approval on January 29. This meant the oil and gas company could accelerate drilling activities.
“After a brief hiatus in activity, it is now back to full operations with ramp up towards the spud of Merlin-1, which is expected in around four weeks,” Managing Director Dave Wall said at the time.
88 Energy expects to begin drilling at the Merlin-1 well at the end of this month or in early March. Whether or not the capital raise will support this program is not yet certain.
88E last traded at 1.1 cents on Tuesday, February 9.
