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Last checked at 
15 Jul 2021 07:00
15 July 2021
This announcement contains inside information
88 Energy Limited
100% Working Interest in Project Peregrine
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM:88E, OTC:EEENF) is pleased to advise that in relation to the agreement with Alaska Peregrine Development Company LLC (APDC) for the acquisition of a 50% working interest in Project Peregrine (as announced to ASX on 7 June 2021), the final total number of shares issued to APDC was 633,457,196, which was 190,634,537 lower than originally projected. The reason for the lower final total was that the shares were issued in several tranches and were subject to a final reconciliation mechanism (as outlined in the ASX announcement).
No further shares are to be issued under the agreement and APDC has now received the full upfront consideration for its 50% working interest in Project Peregrine. APDC has also paid all outstanding cash calls due in relation to the Merlin-1 well.
88 Energy now holds a 100% working interest in Project Peregrine, located on the North Slope of Alaska.
The new capital structure of the Company is below:
Issued Capital - Shares | |
Ordinary Fully Paid Shares | 13,544,547,627 |
Total Issued Capital | 13,544,547,627 |
APDC has also paid all outstanding cash calls due in relation to the Merlin-1 well.
Media and Investor Relations:
88 Energy Ltd Ashley Gilbert, Managing Director | Tel: +61 8 9485 0990 Email: investor-relations@88energy.com |
Finlay Thomson, Investor Relations | Tel: +44 7976 248471 |
Fivemark Partners, Investor and Media Relations Andrew Edge / Michael Vaughan | Tel: +61 410 276 744 Tel: +61 422 602 720 |
EurozHartleys Ltd Dale Bryan | Tel: + 61 8 9268 2829 |
Cenkos Securities Neil McDonald / Derrick Lee | Tel: + 44 131 220 6939 |
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