19th Nov 2015 10:46
LONDON (Alliance News) - 88 Energy Ltd on Thursday said it has struck a deal to acquire additional acreage at the Icewine oil and gas project in Alaska and said it is planning to raise funds via an equity issue.
The company said it, alongside joint venture partner Burgundy Exploration LLC, was named high bidder for the North Slope auction, and the additional land will nearly triple the total acreage it owns at the project, increasing the shale gas and conventional oil resource potential of the project.
88 also said it is planning to undertake a small capital raising, for which is it currently finalising the details and on which it will provide more details in due course.
Shares in 88 Energy were flat at 0.5498 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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