(Alliance News) - 88 Energy Ltd on Wednesday announced a proposed share placing to raise up to AUD12 million, or GBP6.7 million, at a price of AUD0.008 each, equivalent to 0.45 pence.
The Alaska-focused oil producer with two projects, Icewine and Peregrine, said the placing is being conducted through a bookbuilding process managed by Cenkos Securities PLC in the UK and EurozHartleys Ltd in Australia.
Shares in 88 Energy were down 15% at 0.478p in London on Wednesday.
88 Energy said the bookbuild will open with immediate effect, and the number of placing shares to be issued in the UK and in Australia will be agreed by Cenkos, EurozHartleys and 88 Energy when the bookbuild closes.
As a result of this proposal, 88 Energy's shares have been placed in a trading halt on the Australian Stock Exchange pending an announcement in relation to the placing completion.
88 Energy secured a permit last Monday to drill its Merlin-1 well in Alaska.
By Zoe Wickens; zoewickens@alliancenews.com
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88 Energy (88E)