11th Feb 2021 14:11
88 Energy Ltd - Alaska-focused oil producer - Raises AUD12 million - or GBP6.7 million - through the placing of 1.5 billion shares at AUD0.008 each. Says it will use new cash from the placing - announced on Wednesday - to fund all planned activity through to the end of 2021.
"We now have funding to drill the Harrier prospect, in addition to Merlin, which provides a combined gross aggregate target of over 1 billion barrels of recoverable oil, on trend to large existing discoveries immediately to both the north and south of the project area," says Managing Director Dave Wall.
Current stock price: 0.48 pence
Year-to-date change: up 4.3%
By Ife Taiwo; [email protected]
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