Australian oil producer 88 Energy Limited has raised A$12 million through a shares issue.
The extra finance will fund 88 Energy’s Project Icewine drilling programme in Alaska,scheduled to being in October,2015.
Managing director Dave Wall said: “The overwhelming support shown by new and existing shareholders for the placement is a testament to both the quality of the project and the hard work by the company, its partners and its advisers.”
“Recent transactional activity on neighbouring acreage also highlights the conventional potential on the North Slope, which also exists on our Project Icewine acreage, and the increased level of industry interest in the region.
“An announced four well drilling campaign on acreage adjacent to the Project Icewine boundary is likely to provide significant catalysts for 88E and its shareholders, commencing from late 2015.”
88 Energy recently acquired an initial 87.5% working interest and operatorship in 98,000 acres onshore the prolific North Slope of Alaska (Project Icewine). The North Slope is host for the 15 billion barrel Prudhoe Bay oilfield complex, the largest in North America.