88 Energy Limited (GB:88E) has released an update.
88 Energy Limited announces a fundraising venture with a targeted raise of up to A$9.8 million through the issuance of new ordinary shares at a discounted price, to bolster its balance sheet and fund its various projects. The placement is set to occur through a bookbuilding process managed by Cavendish Capital Markets Limited and others, with the proceeds intended for advancing the company’s oil exploration and potential commercialization efforts in Alaska and Namibia. The raise comes after successful testing at Project Phoenix’s Hickory-1 well and amidst ongoing exploration and development activities across the company’s portfolio.
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