88 Energy Limited (GB:88E) has released an update.
88 Energy Limited has successfully completed an oversubscribed share placement, raising A$9.9 million to fund its ongoing oil exploration and development projects in Alaska and Namibia. The funds will be allocated to the successful Hickory-1 well at Project Phoenix, preparation for securing new partners, and exploration activities in the Owambo Basin, among other ventures. Investors should note that the company is now well-capitalized for at least the next 12 months, with plans to advance Project Phoenix towards commercialization.
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