- 88 Energy (88E) taps private investors for $14.9 million through a share placement to support its planned Icewine East 2023 oil exploration program in Alaska
- The company will issue approximately 1.65 billion shares at 0.9 cents to raise the funds, representing an 18.2 per cent discount to its last closing price on August 9
- The planned Icewine East exploration work includes long lead, pre-planning and permitting activities, and 88E says it may also use the funding to expand its portfolio
- Icewine East has a prospective resource estimate of 1.03 billion barrels of oil, and 88 Energy’s planned 2023 well in the area will include at least one flow test
- Shares in 88 Energy are trading grey at 1.1 cents at 12:07 pm AEST
88 Energy (88E) has tapped private investors for $14.9 million through a share placement to support its planned Icewine East 2023 oil exploration program in Alaska.
The company will issue approximately 1.65 billion shares at 0.9 cents to raise the funds, representing an 18.2 per cent discount to its last closing price on August 9.
The company said the fresh funds would support its planned work at Icewine East, including long lead, pre-planning and permitting activities as well as planning for a flow test program.
Managing Director Ashley Gilbert said the work already done in the area had substantially increased the company’s confidence in unlocking the potential of the Icewine East acreage.
“The Icewine East acreage has been de-risked by the recent and ongoing Pantheon drilling and flow tests on their adjacent acreage, as well as data from the Icewine-1 well logs and the recently leased Franklin Bluffs 3D data set,” Mr Gilbert said.
“88 Energy has also been actively assessing multiple new venture opportunities across the asset life cycle to expand our portfolio of assets and opportunity types.
“We are targeting assets that are complementary to the existing portfolio and provide shareholders with exposure to additional value creation potential.”
The company is continuing to advance its planning for an Icewine East well in 2023, which is designed to include at least one flow test in the four reservoir targets.
88 Energy has released a maiden and independently certified total prospective resource estimate of 1.03 billion barrels of oil at Icewine East.
Shares in 88 Energy were trading grey at 1.1 cents at 12:07 pm AEST.