88 Energy has successfully raised A$5m (c£2.61m) via the placing of c238m shares at a price of A$0.021 (equivalent to 1.1p). The proceeds, together with the Company's existing cash reserves (A$15.9m as at 31 December 2019) will be used to fund the ongoing evaluation of the Company's conventional and unconventional Alaskan portfolio. This strengthening of the balance sheet provides the Company with a contingency buffer should the cost of the Charlie-1 appraisal well exceed the US$23m carry by Pre ....
27 Jan 2020
Cenkos: 88 Energy Ltd -- Strengthening the Balance Sheet
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Cenkos: 88 Energy Ltd -- Strengthening the Balance Sheet
88 Energy Limited (88E:LON) | 0.2 0 2.4% | Mkt Cap: 54.0m
- Published:
27 Jan 2020 -
Author:
James McCormack -
Pages:
4
88 Energy has successfully raised A$5m (c£2.61m) via the placing of c238m shares at a price of A$0.021 (equivalent to 1.1p). The proceeds, together with the Company's existing cash reserves (A$15.9m as at 31 December 2019) will be used to fund the ongoing evaluation of the Company's conventional and unconventional Alaskan portfolio. This strengthening of the balance sheet provides the Company with a contingency buffer should the cost of the Charlie-1 appraisal well exceed the US$23m carry by Pre ....