TIDM88E

RNS Number : 2917F

88 Energy Limited

15 July 2021

15 July 2021

This announcement contains inside information

88 Energy Limited

100% Working Interest in Project Peregrine

88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM:88E, OTC:EEENF) is pleased to advise that in relation to the agreement with Alaska Peregrine Development Company LLC (APDC) for the acquisition of a 50% working interest in Project Peregrine (as announced to ASX on 7 June 2021), the final total number of shares issued to APDC was 633,457,196, which was 190,634,537 lower than originally projected. The reason for the lower final total was that the shares were issued in several tranches and were subject to a final reconciliation mechanism (as outlined in the ASX announcement).

No further shares are to be issued under the agreement and APDC has now received the full upfront consideration for its 50% working interest in Project Peregrine. APDC has also paid all outstanding cash calls due in relation to the Merlin-1 well.

88 Energy now holds a 100% working interest in Project Peregrine, located on the North Slope of Alaska.

The new capital structure of the Company is below:

 
 Issued Capital - Shares 
 Ordinary Fully Paid Shares    13,544,547,627 
                              --------------- 
 
 Total Issued Capital          13,544,547,627 
                              ---------------

APDC has also paid all outstanding cash calls due in relation to the Merlin-1 well.

Media and Investor Relations:

 
 88 Energy Ltd                         Tel: +61 8 9485 0990 
  Ashley Gilbert, Managing Director     Email: investor-relations@88energy.com 
 
 Finlay Thomson , Investor Relations   Tel: +44 7976 248471 
 
 Fivemark Partners , Investor and      Tel: +61 410 276 744 
  Media Relations                       Tel: +61 422 602 720 
  Andrew Edge / Michael Vaughan 
 
 EurozHartleys Ltd                     Tel: + 61 8 9268 2829 
  Dale Bryan 
 
 Cenkos Securities                     Tel: + 44 131 220 6939 
  Neil McDonald / Derrick Lee

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July 15, 2021 02:00 ET (06:00 GMT)

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