88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) has raised A$5 million in an oversubscribed share placing, giving the Alaska-focused explorer fresh funding to push ahead with pre-drilling work on its Augusta-1 well and related North Slope commitments.
The company placed 173.6 million new shares at A$0.029 each, or about £0.01508, with the price set at a 19.4% discount to the 24 March close and a 20.9% discount to the 10-day ASX VWAP before 23 March.
88 Energy said the proceeds will support planning, permitting and other long-lead items for Augusta-1, including securing a rig, while also helping fund lease bid commitments and seismic data acquisition and reprocessing.
Augusta-1 is currently scheduled to spud in the first quarter of calendar 2027. The well is designed to target the Ivishak and Kuparuk reservoirs at the South Prudhoe project, where 88 Energy has estimated a combined 2U gross unrisked prospective resource of 64.4 million barrels.
The company said final well location selection is expected by mid-2026, while rig contracting talks are under way with final terms targeted in the second quarter of 2026.
Managing director Ashley Gilbert said the raise endorsed 88 Energy’s sharpened Alaska strategy and expanded North Slope portfolio, adding that the company was also progressing farm-out discussions with multiple parties evaluating participation in South Prudhoe.