88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) aims to raise up to the equivalent of £2.62 million (A$5.03 million) to help fund drill plans in Alaska.
The AIM and ASX-listed explorer pricing the issue at A$0.029 a share, or about 1.508p. The placing price marks a 2.7% discount to the company’s AIM close on Tuesday.
Net proceeds, together with existing cash, will support advanced planning for the Augusta-1 exploration well, including permitting and long-lead items, as well as rig contracting and payments tied to newly secured leases at South Prudhoe and Kad River East.
Augusta-1 is the group’s highest-priority Alaska target, with a rig contract expected in the second quarter of 2026 and a farm-out process targeted for the third quarter ahead of a planned winter drilling window in the first quarter of 2027.
88 Energy noted that it had cash resources of A$5.9 million as of 28 February, and it expects the raise should leave it funded for at least 12 months of working capital and overheads.