88 Energy to Raise A$20 Mln to Fund Merlin-2 Well
2:44 am ET August 31, 2021 (Dow Jones) Print
By Jaime Llinares Taboada
88 Energy Ltd. said Tuesday that it intends to raise 20 million Australian dollars ($14.6 million) via a share issue to finance the Merlin-2 oil well in Alaska.
The oil-and-gas company, which is listed in Australia and the U.K., proposed to undertake a placing of shares at a price of A$0.028 apiece, equivalent to 1.49 pence, representing a 13% discount to the closing price on Monday.
Merlin-2 is scheduled to be drilled in the first quarter of 2022 and is targeting 652 million barrels of oil.
In addition, 88 Energy said its shares have been subject to a trading halt on the Australian Securities Exchange pending the completion of the placing.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
August 31, 2021 02:44 ET (06:44 GMT)
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