REG - 88 Energy Limited - 100% Working Interest in Project Peregrine

88 EnergyAnnouncement

15/07/2021 07:00

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
Ashley Gilbert, Managing Director


Tel: +61 8 9485 0990
Email: investor-relations@88energy.com














Finlay Thomson, Investor Relations


Tel: +44 7976 248471














Fivemark Partners, Investor and Media Relations
Andrew Edge / Michael Vaughan


Tel: +61 410 276 744
Tel: +61 422 602 720














EurozHartleys Ltd
Dale Bryan


Tel: + 61 8 9268 2829














Cenkos Securities
Neil McDonald / Derrick Lee


Tel: + 44 131 220 6939



 

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