88 Energy Limited (ASX: $88E) successful completion of A$9.9m placement

88 Energy Limited (ASX: $88E) has successfully completed an oversubscribed share placement, raising A$9.9 million to domestic and international institutional and sophisticated investors at an issue price of A$0.003 per share. The placement proceeds will be directed towards costs associated with the recent successful flow test at the Hickory-1 discovery well located at Project Phoenix, as well as post-flow test studies, securing of further Contingent Resource estimates, and other costs associated with commercializing Project Phoenix. Additionally, the funds will be used for exploration activities across the Company's acreage in Namibia and Alaska. With the net proceeds of the Placement and the Company's existing cash reserves, 88 Energy is now funded for at least the next 12 months.

Executive Commentary on Successful Placement and Future Plans

We are now funded to proceed with the development and monetization plans for Project Phoenix. The next steps include post-well flow test studies, securing additional contingent resources at SMD and SFS to complement the BFF contingent resource, and exploring a farm-out of Project Phoenix to engage a strategic partner for the next phase of development and commercialization. The successful Hickory-1 flow test creates multiple paths for 88 Energy and its Joint Venture partner to commercialize and realize value from Project Phoenix. At the same time, we are also enthusiastic about our initial exploration activities on the Namibian farm-in acreage at PEL 93. The Owambo Basin offers substantial hydrocarbon exploration potential across a highly prospective and underexplored region.

Summary of 88 Energy's Placement and Future Outlook

88 Energy Limited (ASX: $88E) has successfully completed a placement to raise A$9.9 million, providing funding for the development and monetization plans for Project Phoenix, as well as exploration activities in Namibia and Alaska. The company is now funded for at least the next 12 months, with the net proceeds of the Placement and the Company's existing cash reserves. The successful flow testing at the Hickory-1 discovery well has opened up multiple paths for commercialization and value realization from Project Phoenix. Additionally, the initial exploration activities in the Namibian farm-in acreage at PEL 93 show promising potential for hydrocarbon exploration. With the funding secured, 88 Energy is well-positioned to advance its projects and pursue further opportunities in the energy sector.