Oversubscribed Placement to Raise A$17 million 88 Energy Limited ("88 Energy" or the "Company") (ASX:88E, AIM 88E) is pleased to advise that it has successfully completed a bookbuild to domestic and international institutional and sophisticated investors to raise A$17 million (the "Placement") through the issue of 459,459,460 ordinary shares of no par value (the "New Ordinary Shares") at A$0.037 (equivalent to £0.023) per New Ordinary Share (the "Placement Price"). The Placement was significantly oversubscribed. Funds raised pursuant to the Placement will further strengthen its balance sheet ahead of the upcoming drilling of Icewine#2 well, which is scheduled to spud in early Q2 2017. Specifically, the proceeds will provide the Company with the financial flexibility to cover any unexpected costs arising from the drilling of Icewine#2, lease payments due in respect of the significant new acreage awarded and ongoing exploration activities. Commenting on the success of the Placement, Dave Wall, Managing Director of 88 Energy, stated: "As we approach the spud of Icewine#2, it is imperative that the Company's balance sheet is managed appropriately to account for worst case scenarios, such as cost overruns on the drilling. In the event that everything goes to plan, the additional capital will be used to further the exploration effort at Project Icewine as we look to unlock the large potential of both the unconventional and conventional plays on the acreage. We would like to thank our advisers and shareholders for their continued support as we enter into this critical phase of the project.” Hartleys Limited acted as Sole Lead Manager and Sole Bookrunner to the Placement in Australia with Patersons Securities Limited acting as Co-Manager. Cenkos Securities plc acted as the Company's Nominated Adviser and Sole Broker to the Placement in the United Kingdom. In addition, the Company has agreed to issue 4,054,054 ordinary shares of no par value (the “Fee Shares”) at the Placement Price to third parties in lieu of fees. The New Ordinary Shares and the Fee Shares, which will rank pari passu with the existing ordinary shares in the Company, have been conditionally placed subject to admission to trading on both the ASX and AIM, which is expected to occur on 13 March 2017. The issue of the New Ordinary Shares and the Fee Shares is not subject to shareholder approval as the issuance will fall within the Company's placement capacity pursuant to ASX Listing Rule 7.1 and 7.1A. Following the issue of the New Ordinary Shares and the Fee Shares, the Company will have 4,632,693,932 ordinary shares in issue, all of which have voting rights. The figure of 4,632,693,932 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company. Yours faithfully
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