from todays AFR Street Talk
Jan 22, 2020 — 10.54am
ASX-listed oil and gas explorer 88 Energy has gone cap in hand in front of investors on Wednesday morning as it hunts for fresh equity to strengthen its balance sheet.
The $179 million company was seeking $3 million via a placement priced at 2.1¢ a share, a 16.1 per cent discount to its 10-day VWAP, according to terms sent to funds.
Hartley's is sole lead manager and bookrunner on the offer and bids were being called for by 4pm on Wednesday.
The company retained the right to accept over subscriptions in the offer to the tune of $1 million.
Funds were told the equity would be used to fund the ongoing evaluation of the prospectivity of the company's existing assets, which are mainly located in Alaska, and strengthen its balance sheet.
The equity would also be used to cover any potential costs for its Charlie-1 well in Alaska, which is due to spud - the process of beginning to drill a well - in February.
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from todays AFR Street TalkJan 22, 2020 — 10.54amASX-listed oil...
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Last
0.2¢ |
Change
-0.001(20.0%) |
Mkt cap ! $57.86M | |||
| Open | High | Low | Value | Volume |
| 0.2¢ | 0.2¢ | 0.2¢ | $20K | 10.00M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 182 | 174177231 | 0.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.3¢ | 599471151 | 243 |
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