📉 Nikkei is down nearly 5% -> here are 43 recession-proof Japanese stocks from our screenerUnlock Now

88 Energy goes for placing to raise flow test funds

Published 29/08/2023, 06:30 pm
© Reuters.  88 Energy goes for placing to raise flow test funds

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.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.