88 Energy Ltd (EEENF)

[bjl]

88 Energy has entered into a share subscription agreement with ELKO International LLC (“ELKO”), one of the major contractors for the operation. Under the agreement ELKO will be issued 360m sharesat $0.018, which is a 225% premium to the placement undertaken on 12th February 2021. The are no fees associated with the placement.

Managing Director, Dave Wall, commented: “The endorsement of the project by ELKO as we enter the critical phase of the drilling is encouraging and will serve to fund the Company’s share of the recently announced cost overruns. We wish all our shareholders good fortune over the coming days.”