Fladgate advises Cenkos Securities on Aus$17m placing for 88 Energy

Our team: Nigel Gordon

Fladgate advised Cenkos Securities plc on the English elements of an offering (in the UK and Australia) to raise AUD 17 million for 88 Energy by way of a placing. The placing was implemented by an accelerated bookbuild.

88 Energy has a 63% working interest and operatorship in approximately 342,000 acres onshore on the prolific North Slope of Alaska (“Project Icewine”). The North Slope is the host to the 15 billion barrel Prudhoe Bay oilfield complex, the largest conventional oil pool in North America. 88 Energy, with its joint venture partner Burgundy Xploration, has identified highly prospective play types that are likely to exist on the Project Icewine acreage – two conventional and one unconventional.

The proceeds of the placing are being used to fund 88 Energy’s ongoing evaluation of the conventional and unconventional prospectivity of existing assets and to enable it to identify and exploit new opportunities on the North Slope of Alaska.

Capital markets partner Nigel Gordon advised the client.

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