Stock Market News
88 Energy plans placing to raise A$17m for Alaskan operations
88 Energy Limited has outlined plans to raise as much as A$17m to fund the ongoing evaluation of conventional and unconventional oil targets on the North Slope in Alaska.
The dual-listed A$12m will be sought through the placing of new ordinary shares at 3.7 cents a share, an 11% discount to the average ASX price over the past month, while a further A$5m of new shares can be brought in if the initial placing is over-subscribed.
88 Energy had $10.5m in the bank at the end of last month but seeks further funding to assist with a busy work programme.
At Project Icewine, the company's operation targeting oil at North Slope, flow testing is to restart imminently at the Icewine #2 well at a projected cost of A$8.6m.
Furthermore, the company is collating 3D seismic data from a 450km squared area on the western side of the project with a focus on areas of interest identified through a prior, 2D survey.
Meanwhile, the company continues to evaluate territory gained through the recent acquisition of Yukon Gold licences which are home to an historic oil discovery.
As of 0913 BST, 88 Energy's shares were down 16.19% at 2.26p.
The dual-listed A$12m will be sought through the placing of new ordinary shares at 3.7 cents a share, an 11% discount to the average ASX price over the past month, while a further A$5m of new shares can be brought in if the initial placing is over-subscribed.
88 Energy had $10.5m in the bank at the end of last month but seeks further funding to assist with a busy work programme.
At Project Icewine, the company's operation targeting oil at North Slope, flow testing is to restart imminently at the Icewine #2 well at a projected cost of A$8.6m.
Furthermore, the company is collating 3D seismic data from a 450km squared area on the western side of the project with a focus on areas of interest identified through a prior, 2D survey.
Meanwhile, the company continues to evaluate territory gained through the recent acquisition of Yukon Gold licences which are home to an historic oil discovery.
As of 0913 BST, 88 Energy's shares were down 16.19% at 2.26p.
Related share prices |
---|
88 Energy Limited (DI) (88E) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price