Press

88 Energy Limited - Non-Renounceable Rights Issue / Open Offer


88 Energy Limited (ASX: 88E) (“88 Energy” or the “Company”) is pleased to announce the Company'sintention to launch a non-renounceable rights issue (open offer for AIM purposes) to raise up to approximately A$14.33m / £7.96m (the “Offer”).

Highlights

  • Proposed Offer to be made on the basis of one (1) new share for every seven (7) shares held by qualifying shareholders as at 10th October 2018 (the “Record Date”)

  • New shares to be issued pursuant to the Offer at A$0.018 / £0.01 per share

  • Offer to be made available to qualifying shareholders in Australia, United Kingdom and New Zealand

  • Designed to allow existing shareholders exposure to potentially transformational activity over the next 9 months

  • Net proceeds of the Offer intended to be used for:

o PotentialproductiontestingatWinx-1explorationwell
o Possible cost overruns associated with the drilling of Winx-1
o Lease rentals and interest costs to maintain assets in good standingo Ongoinggeologicalandgeophysicalwork
o Workingcapitalandgeneraladministration

Overview

The Company is pleased to announce that it intends to launch the Offer which will provide the opportunity for existing qualifying shareholders to participate in a fundraising of up to approximately A$14.33m / £7.96m, the net proceeds of which will be used to fund ongoing activity across its portfolio of oil and gas exploration assets, located on the North Slope of Alaska.

This activity includes the drilling of the high impact Winx-1 exploration well, scheduled for spud in February 2019, which is targeting gross mean prospective resources of 400 million barrels of oil (144 million barrels net to 88E). The Winx-1 well is located at the Company's Western Blocks project, where88 Energy is earning a 36% working interest by funding 40% of the cost of the drilling of the well.

The Company is also progressing a farm-out of its conventional prospect portfolio at Project Icewine, where 1.75 billion barrels of net mean prospective resource has been delineated with 2D and 3D seismic. The process is targeted for completion by calendar year end 2018.

Additionally, the Company continues to progress evaluation of the HRZ shale play ahead of a planned farm-out in 1H2019 as well as finalising the resource potential on its Yukon Leases, where 3D seismic was recently acquired.

Details of the Offer

The full details of the Offer will be set out in an Offer Document, which is expected to be posted to all shareholders and lodged with the ASX on or around 5th October 2018, as per the timetable set out below.

Qualifying shareholders will be offered the opportunity to acquire fully paid ordinary shares in the capital of the Company via the Offer. The Offer will be made on the basis of one (1) new share for every seven (7) shares held by qualifying shareholders as at the Record Date at an issue price of A$0.018 / £0.01 per share (“Offer Price”) to raise up to A$14.33m / £7.96m. As at market close on Monday 1st October 2018, being the latest practicable date prior to this announcement, the Offer Price represents a 15% discount to the 15-day VWAP of A$0.0212.

Qualifying shareholders will be those shareholders (or depositary interest holders) on the register at the Record Date (excluding holders who have a registered address or who are resident outside of Australia, New Zealand or the United Kingdom or any other jurisdiction (apart from certain restricted jurisdictions) in which the Directors in their absolute discretion determine to make the Offer available).

Qualifying shareholders will also be given the opportunity to apply for additional shortfall shares beyond their 1 for 7 entitlement. It is the intention of the Board to allocate additional shortfall shares on a pro-rata basis calculated using the number of shares held as at the close of the offer period.

The Company reserves the right to place any shortfall shares that are not taken up by existing shareholders at the discretion of the Directors.

The Directors of the Company have indicated their intention to take up their full entitlement under the Offer.

Assuming all entitlements are taken up under the Offer, the Company will issue approximately 795 million new shares, resulting in a total of approximately 6,366 million shares on issue.



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88 EnergyRights IssuesOpen OfferASXAIMwell

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