88 Energy (88E) has announced a proposed placing to raise up to A$5.03 million, equivalent to about £2.62 million, to support its North Slope Alaska portfolio and ongoing operations.
The placing will be conducted via a bookbuild led by Cavendish and H&P Advisory in the UK, alongside Euroz Hartleys in Australia. New shares will be issued at A$0.029 per share (~£0.01508), representing a 2.7% discount to the AIM closing price on 24 March 2026.
The company said proceeds, alongside existing cash of A$5.9 million as at 28 February 2026, will be used to advance planning and permitting for the Augusta-1 exploration well, secure rig contracts, and fund lease-related costs across its expanded South Prudhoe and Kad River East acreage.
Operationally, 88 Energy continues to progress its Alaska portfolio, including the high-impact Augusta-1 well targeting about 64 million barrels of prospective resources, and Project Phoenix, which holds contingent resources of 239 million barrels of oil equivalent. In addition, activity is advancing across its Namibia acreage, where geophysical surveys are planned in 2026 to refine drilling targets.
Following the placing, the company expects to have sufficient funding to cover working capital and overheads for at least the next 12 months.
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This raise provides 88 Energy with additional funding flexibility as it advances key Alaska drilling catalysts. The proceeds support progress toward the Augusta-1 well and ongoing farm-out discussions, which remain central to unlocking value across its North Slope portfolio.