- 88 Energy announced plans to raise a gross A$5m through an equity placement to support ongoing projects and cover any potential shortfall related to the appraisal of the Charlie-1 well.

The company said it planned to issue 238,095,238 shares at a price of A$0.021, equivalent to £0.011, per share.

The funds raised would be used to fund the ongoing evaluation of company's existing assets, including its share of any potential costs - over the US$23m farm-out cap - relating to the Charlie-1 well, which was due to spud in February 2020, and to enable it to identify and exploit new opportunities on the North Slope of Alaska.

'The decision by the board to raise additional funds at this time was for several reasons, namely: unsolicited demand for investment at a premium to the most recent placement in September 2019; and a subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program,' 88 Energy said.

At 9:46am: (LON:88E) 88 Energy Ltd share price was +0.05p at 1.3p

Story provided by