88 Energy raises $3M to support Icewine expansion

88 Energy (LON: 88E, ASX: 88E) has raised $3 million through an oversubscribed share placing. The company will also open a share purchase plan to eligible existing shareholders with a view to raising a further $2 million.

This comes after 88 Energy has increased its position on Alaska’s North Slope, an area referred to as Project Icewine, where it is currently drilling an exploration well that is designed to test a large shale play, along with a number of conventional oil and gas targets.

The raised funds are earmarked for payment to secure the company’s extended footprint at Icewine. On Nov. 19, 88 Energy revealed that it could acquire 174,240 acres to take the total size of the project to 272,242 acres.

To raise the $3 million, 88 Energy is issuing 300 million new shares at 1 cent each. On AIM, 88 Energy shares rose 3.7% on Friday to trade at 0.55p each.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...