88 Energy to raise $14.3 million to fund Alaskan oil exploration events

By Trevor Hoey. Published at Oct 3, 2018, in Energy

88 Energy Ltd (ASX:88E) intends to launch a non-renounceable rights issue (open offer for AIM purposes) to raise up to approximately A$14.33million (£7.96million).

The proposed offer is to be made on the basis of one new share for every seven shares held by qualifying shareholders as at October 10, 2018.

New shares to be issued pursuant to the offer are priced at A$0.018 (£0.01) per share.

The directors of the company have indicated their intention to take up their full entitlement under the offer.

Funds applied to upcoming exploration campaign

The capital raising is designed to allow existing shareholders exposure to potentially transformational activity over the next nine months.

Indeed, there are potentially significant market-moving exploration events occurring across the company’s Alaskan projects in 2018-19.

Source: 88E

These include production testing at the Winx-1 exploration well which is targeting gross mean prospective resources of 400 million barrels of oil (144 million barrels net to 88E).

Of course 88E remains a speculative stock and investors should seek professional financial advice if considering this stock for their portfolio.

The Winx-1 well is located at the company’s Western Blocks project, where 88 Energy is earning a 36% working interest by funding 40% of the cost of the drilling of the well.

The company is also progressing a farm-out of its conventional prospect portfolio at Project Icewine, where 1.75 billion barrels of net mean prospective resource has been delineated with 2D and 3D seismic.

The process is targeted for completion by calendar year end 2018.

Additionally, 88E continues to progress evaluation of the HRZ shale play ahead of a planned farm-out in the first half of 2019, as well as finalising the resource potential on its Yukon Leases where 3D seismic was recently acquired.

Where to invest $1,000 right now

When the experts at Next Investors have a stock pick, it may pay to listen.

The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.

They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.

Click the link below to see what they are currently investing in.


S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!