TIDM88E

RNS Number : 3511C

88 Energy Limited

22 February 2022

22 February 2022

88 Energy Limited

("88 Energy" or the "Company")

Issue of Equity

88 Energy (ASX:88E, AIM: 88E, OTC:EEENF) confirms that pursuant to the Company's acquisition of 73% average net non-operated working interest in established conventional onshore production assets within the Permian Basin of Texas, U.S (the "Acquisition"), the Company has issued 155,480,417 fully paid ordinary shares ("Consideration Shares") to the vendor, Lonestar I, LLC, in connection with the Acquisition and associated capital development program. Further details of the Acquisition are set out in the notification released by the Company on 21 February 2022.

On 14 February 2022, the Company announced that it had successfully completed an oversubscribed placing to raise A$32 million, through the issue of 914,285,714 fully paid ordinary shares in the Company (the "Placing Shares" ) at an issue price of A$0.035 (equivalent to GBP0.018) per Placing Share (the "Placing Price"). The Company confirms that it has today issued a further 4,365,079 fully paid ordinary shares in connection with the Placing (the "Additional Placing Shares"), at the Placing Price, to raise additional proceeds of A$152,778.

Following the issue of the Consideration Shares, Placing Shares and Additional Placing Shares, which rank pari passu to the existing ordinary shares in the Company, the Company has a total of 15,885,207,406 ordinary shares in issue, all of which have voting rights. The figure of 15,885,207,406 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company.

Application has been made for admission of the Placing Shares to trading on AIM, which is expected to occur on 22 February. Application has also been made for admission of the Consideration Shares and the Additional Placing Shares to trading on AIM, which is expected to occur on 25 February 2022.

Media and Investor Relations:

 
 88 Energy Ltd                        Tel: +61 8 9485 0990 
  Ashley Gilbert, Managing Director    Email: investor-relations@88energy.com 
 Finlay Thomson, Investor Relation    Tel: +44 7976 248471 
 Fivemark Partners, Investor          Tel: +61 410 276 744 
  and Media Relation                   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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February 22, 2022 02:00 ET (07:00 GMT)

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