22 April 2016
Watson Farley & Williams Asia Practice LLP (“WFWAP”), the Singapore office of international law firm Watson Farley & Williams, advised 88 Energy Limited ( “88 Energy”) on its oversubscribed AUS$25 million share placement on AIM and ASX.
The funds raised will be applied to Phase II of 88 Energy’s development of the Project Icewine site in Alaska for the exploration of conventional and unconventional oil potential, which also includes the drilling of a second well on the site.
AIM and ASX listed 88 Energy is an Australian-based exploration company with assets in Alaska.
The WFWAP corporate team advised 88 Energy was led by partner Chris Kilburn, assisted by senior associate Neil Calder, associates Nana Taylor and Elizabeth Muir, and trainee Catherine Killeen.
Commenting on the success of the placement, Dave Wall, Managing Director of 88 Energy noted that it “reflected the substantial derisking that has occurred at Project Icewine as a result of the recent Icewine#1 exploration well” and that “the funds raised will bring the joint venture to the doorstep of the next transformational event for the project, that being the drilling of our second well, Icewine#2H”.
Chris commented “It is very impressive for an oil and gas company to get an oversubscribed placing away in this climate, particularly an exploration company. It demonstrates the confidence the market places in the management team and the potential of the assets”.