- 88 Energy (88E) prepares to raise more capital after placing its shares in a trading halt
- The fundraise comes after 88E revealed a well evaluation demonstrated the presence of oil in Merlin-1 well in Alaska
- 88E is now planning to drill another appraisal well at its wider Project Peregrine during the Alaskan winter
- This is the second time the energy stock raised capital this year, with 88E to announce the details of this fundraise before Thursday
- Shares in 88 Energy last traded at 3.2 cents each
88 Energy (88E) is getting ready to raise more capital after placing its shares in a trading halt.
The announcement of the proposed fundraise comes after the energy stock released a well evaluation of its Merlin-1 well.
The well is located within 88E’s Project Peregrine in the North Slope of Alaska, with recent evaluations demonstrating the presence of oil in Merlin-1.
Specifically, the company said 41 feet of net log pay interpreted across the three reservoir intervals.
Nest steps for 88E will be to drill another appraisal well at Peregrine, with Merlin-2 appraisal drilling locations identified.
The energy stock plans to carry out the drilling during the Alaskan winter — the first quarter of 2022.
Meanwhile, this the second time the energy stock has raised capital this year after it tapped shareholders for $12 million in February.
88 Energy will announce the full details of this fundraise before Thursday, September 2, the last day the trading halt is in effect.
Company shares last traded for 3.2 cents each on Monday, August 30.