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88 Energy (ASX:88E) MD resigns after $12M placement
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  • After seven years with the company, David Wall has resigned as Managing Director (MD) of 88 Energy (88E), effective from May
  • Current Chief Financial Officer and Company Secretary, Ashley Gilbert, will transition to the role of Managing Director
  • Until then, David will continue in his position to oversee the upcoming drilling program at Project Peregrine as well as the abandonment activities at the Umiat Oil Field
  • 88 Energy has also announced it has successfully completed a bookbuild to raise up to $12 million
  • Up to 1500 million ordinary shares will be issued to institutional and sophisticated investors at 0.8 cents
  • 88E will use the funds to finance costs arising from the Merlin-1 well, plugging and abandoning the Umiat Oil Field, and drilling the Harrier-1 well
  • Shares in 88 Energy have dropped 18.2 per cent to trade at 0.9 cents

After seven years with the company, David Wall has resigned as Managing Director (MD) of 88 Energy (88E), effective from May.

Current Chief Financial Officer and Company Secretary, Ashley Gilbert, will transition to the role of Managing Director.

Subject to shareholder approval, Ashley will also be appointed to 88E's board as an Executive Director.

Ultimately, David will continue in his position until May to oversee the upcoming drilling program at Project Peregrine as well as the abandonment activities at the Umiat Oil Field.

"After seven years, my time at the company is coming to an end but there is still much to do so it is business as usual," David commented.

88 Energy has also announced it has successfully completed a bookbuild to raise up to $12 million via a placement.

The energy stock entered a trading halt on February 10 but did not disclose how much it intended to raise.

To raise the $12 million, up to 1500 million ordinary shares will be issued to institutional and sophisticated investors at 0.8 cents.

88E will use the funds to finance costs arising from the Merlin-1 well, plugging and abandoning the Umiat Oil Field, and drilling the Harrier-1 well.

"With the completion of the placement, the company is now fully-funded for all planned activity through to the end of the calendar year. While the path to spud of Merlin-1 has been challenging, the prize is more than worth it and we look forward to commencement of drilling in around three weeks," David said.

"We now also have funding to drill the Harrier prospect, in addition to Merlin, which provides a combined gross aggregate of over one billion barrels of recoverable oil," he added.

Shares in 88 Energy have dropped 18.2 per cent to trade at 0.9 cents at 11:16 am AEDT.

88E by the numbers
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