88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) is raising up to £4.5 million through a placing at 0.31p per placing share following a rights issue that raised £1.7million.
The oil explorer had originally wanted to raise up to £ 6.29 million from the rights issue, which would be used to fund flow testing of the Hickory-1 well in Alaska.
The Hickory-1 well is currently cased and suspended ahead of the upcoming flow test program which is scheduled to commence as early as possible in the 2023/24 winter operational season.
Two new wells and workovers are also planned at Project Longhorn in Texas.