88 Energy: Raises $14.9m for Icewine East 2023 exploration well

88 Energy Raises $14.9m for Icewine East 2023 exploration well

• 88 Energy (88E) taps private investors for $14.9 million through a share placement to support its planned Icewine East 2023 oil exploration program in Alaska
• The company will issue approximately 1.65 billion shares at 0.9 cents to raise the funds, representing an 18.2 per cent discount to its last closing price on August 9
• The planned Icewine East exploration work includes long lead, pre-planning and permitting activities, and 88E says it may also use the funding to expand its portfolio
• Icewine East has a prospective resource estimate of 1.03 billion barrels of oil, and 88Energy’s planned 2023 well in the area will include at least one flow test
• Shares in 88Energy are trading grey at 1.1 cents at 12:07 pm AEST