The Directors of 88 Energy Limited provide the following report for the quarter ended 30 September 2015.
•Post a General Meeting on the 21 August 2015 the Company completed an oversubscribed placement raising $12 million (before costs) through the issue of 1,200m shares at $0.01, with funds to be utilised for the drilling of the Icewine #1 exploration well in Alaska
•Approval of Plan of Operations (18 Sep 2015)
•Mobilisation of Kuukpik Rig 5 (24 Sep 2015)
Key Events Subsequent to the Quarter
•First drawdown of Bank of America facility (6 Oct 2015)
•Finalisation of Spill Plan and Permit to Drill, marking the completion of the permitting effort (21 Oct 2015)
•Commencement of drilling at Icewine #1 (22 Oct 2015)