Cleansing Notice and Issue of Shares

RNS Number : 5596J

88 Energy Limited

18 December 2015

 

18 December 2015

88 Energy Limited

Cleansing Notice and Issue of Shares

88 Energy Limited ("88 Energy", "the Company") (ASX, AIM: 88E) advises that it has issued 442,834,800 fully paid ordinary shares at $0.01 per share to Eligible Shareholders and DI Holders pursuant to the Share Purchase Plan (SPP) despatched to shareholders on 23 November 2015, to raise $4,428,348 (before costs). Under the SPP, the Company gave Eligible Shareholders and DI Holders the opportunity to purchase up to $15,000 (GBP7,050) worth of fully paid ordinary shares in the Company, irrespective of the size of their shareholding, without incurring brokerage or transaction costs.

The shares are part of a class of securities quoted on ASX and AIM and may be subject to a subsequent offer for sale.

The Directors of 88 Energy provide a notice for the purposes of section 708A(5)(e) of the Corporations Act 2001.

The Company issued the Shares above without a disclosure document to investors under Part 6D.2 of the Corporations Act.

The Company, as at the date of this notice, has complied with:

(a)  the provisions of Chapter 2M of the Corporations Act; and

(b)  section 674 of the Corporations Act.

There is no excluded information, as defined in sections 708A(7) and 708A(8) of the Corporations Act, as at the date of this notice. An Appendix 3B, in respect to the shares issued is attached.

Following the above movements, the Company has the following securities on issue:

Number	Class
3,082,140,823 403,659,650	Fully paid ordinary shares Listed Options exercisable at $0.02; expiring 3 years from date of issue
300,000	Unlisted options exercisable at $0.70 on or before 10 April 2016
213,733	Unlisted options exercisable at GBP£0.256 (A$0.393) on or before 19 November 2015
2,500,000	Unlisted options exercisable at $0.45 on or before 31 March 2016
2,500,000	Unlisted options exercisable at $0.45 on or before 31 March 2016 (voluntary escrow for 12 months)
1,000,000	Unlisted options exercisable at $0.42 on or before 12 June 2017 (vesting conditions apply)
2,000,000	Unlisted options exercisable at $0.28 on or before 12 June 2017
1,000,000	Unlisted options exercisable at $0.30 on or before 22 April 2016
250,000	Unlisted options exercisable at $0.16 on or before 12 June 2017
12,000,000 20,000,000 45,000,000 3,000,000 70,000,000 68,965,301	Unlisted options exercisable at $0.01 on or before 22 October  2017 Unlisted options at an exercise price of A$0.014 per option expiring 2 March 2018 Unlisted options at an exercise price of A$0.015 per option expiring 18 February 2018 Unlisted options at an exercise price of $0.015 per option expiring 18 February 2018 Unlisted options at an exercise price of $0.016 per option expiring 31 August 2018 Unlisted options at an exercise price of $0.021 per option expiring 1 November 2018

Media and Investor Relations:

Australia
88 Energy Ltd [e-mail] [phone] Hartleys Limited As Corporate Advisor Mr Dale Bryan [phone]
United Kingdom Cenkos Securities Plc As Nominated Adviser Mr Neil McDonald Mr Derrick Lee Tel: [phone] Tel: [phone]

About 88 Energy: About 88 Energy: 88 Energy has a 78% working interest and operatorship in ~272,000 acres (~174,000 acres subject to formal award) onshore the prolific North Slope of Alaska ("Project Icewine"). The North Slope is the host for the 15 billion barrel Prudhoe Bay oilfield complex, the largest conventional oil pool in North America. The Company, with its Joint Venture partner Burgundy Xploration, has identified three highly prospective play types that are likely to exist on the Project Icewine acreage - two conventional and one unconventional. The large resource potential of Project Icewine was independently verified by leading international petroleum resource consultant DeGolyer and MacNaughton. In addition to the interpreted high prospectivity, the project is strategically located on a year-round operational access road and only 35 miles south of Pump Station 1 where Prudhoe Bay feeds into the TransAlaska Pipeline System. The Company plans to progress drilling and seismic acquisition in the near term to take advantage of the globally unique fiscal system in Alaska, which allows for up to 85% of CY2015 exploration expenditure to be rebated in cash.

 

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