The latest Ann explains what the CR was for:
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 continue
Anything else is pure BS.
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Ann: Oversubscribed Placement to raise A$17m, page-84
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