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88 Energy raises A$17m

06 March 2017 09:50

88 Energy has raised A$17m through a significantly oversubscribed placement of 459,459,460 ordinary shares at A$0.037 apiece.

It said the funds would further strengthen its balance sheet ahead of the upcoming drilling of Icewine#2 well, scheduled to spud in early Q2 2017.

It said: "Specifically, the proceeds will provide the company with the financial flexibility to cover any unexpected costs arising from the drilling of Icewine#2, lease payments due in respect of the significant new acreage awarded and ongoing exploration activities."

Managing director Dave Wall said: "As we approach the spud of Icewine#2, it is imperative that the company's balance sheet is managed appropriately to account for worst case scenarios, such as cost overruns on the drilling.

"In the event that everything goes to plan, the additional capital will be used to further the exploration effort at Project Icewine as we look to unlock the large potential of both the unconventional and conventional plays on the acreage."

At 9:50am: (LON:88E) 88 Energy Ltd share price was +0.08p at 2.5p

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