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88 Energy confirms A$8.1mln injection as share options are exercised

The company described the option exercise as "an outstanding result" as it supports the group's spending plans in Alaska
oil and gas operations
More than 400mln new shares have been issued due to the exercise

88 Energy Ltd (LON:88E, ASX:88E) told investors that 98% of its listed (A$0.02 series) options were exercised before the March 2 expiry, resulting in an A$8.1mln injection of capital into the company.

A total of 405mln share options were exercised, and via the recently agreed underwriting agreement Hartleys Limited will now take up 8.7mln additional new shares.

READ: 88 Energy kicks off new seismic exploration programme in Alaska

“The high proportion of options exercised is an outstanding result for 88 Energy and along with the existing strong cash position ensures the company is well funded for the next important programmes of work,” 88 Energy said in a statement.

It highlighted that the funding will support further work on the Icewine#2 appraisal well, the acquisition of new acres on the North Slope, 3D seismic acquisition, and other ongoing exploration and leasing costs.

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