Bird & Bird have advised 88 Energy Limited on its A$9.9 million fundraising

Bird & Bird are happy to announce that we have advised AIM- and ASX-listed 88 Energy Limited, an oil and gas exploration company, on a successful A$9.9 million (£5.2 million) placing of new ordinary shares, with attached warrants. The company is now fully funded for its upcoming Hickory-1 flow test program in Alaska, and will also apply some of the funds raised towards initial exploration activities at its new Namibian onshore project.

The placing was conducted by Cavendish in the UK and EurozHartleys and Inyati in Australia. This is the second AIM fundraising that the Bird & Bird ECM team has advised on in just over a week.

The Bird & Bird team was led by Corporate partner Michael Dawes, assisted by associates, Zoe Symes and Amy Donlevey.

Michael
commented: “We are pleased to have advised 88 Energy on this successful placing, particularly as some of the funding will be directed towards their new Namibian asset, in relation to which we recently advised the company on its farm-in arrangements. In difficult markets, we have advised on two successful fundraisings for AIM-listed natural resources companies in the past week. We look forward to continuing our long-standing relationship with 88 Energy and supporting them as they develop their projects.

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