Issue of Equity

88 Energy Limited

12 January 2024

 

12 January 2024

88 Energy Limited

Issue of Equity

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) confirms that it has issued a total of 84,618,000 fully paid ordinary shares in the Company following the vesting of performance rights.

On 13 November 2023 the Company announced that it had entered into a three-stage farm-in agreement with a wholly-owned subsidiary of Monitor Exploration Limited ("Monitor"), through which 88 Energy would earn up to a 45% non-operated working interest in onshore Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Republic of Namibia.  In accordance with the terms of the farm-out agreement, the Company has now issued Monitor with 322,147,513 ordinary shares in line with the agreed payment schedule.

Following the issue of the new ordinary shares above, the Company has a total of 24,725,420,561 ordinary shares on issue, all of which have voting rights. The figure of 24,725,420,561 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.

This announcement has been authorised by the Board.

Media and Investor Relations:

88 Energy Ltd

Ashley Gilbert, Managing Director                                              

Tel: [phone]

Email: [e-mail]

Fivemark Partners, Investor and Media Relations                     

Michael Vaughan                                                                         Tel: [phone]

Euroz Hartleys Limited

Dale Bryan                                                                                   Tel: + 61 8 9268 2829

Cavendish Capital Markets Ltd                                               Tel: + 44 131 220 6939

Neil McDonald / Derrick Lee

 

END