88 Energy issues fewer shares than expected for Peregrine purchase.
88 Energy announced on Thursday that, in relation to its agreement with Alaska Peregrine Development Company (APDC) for the acquisition of a 50% working interest in Project Peregrine, the final total number of shares issued to APDC was 633,457,196 - 190,634,537 lower than originally projected.
88 Energy Limited (DI)
19 April 2024 14:20:21
Source: Sharecast
The AIM-traded firm said the reason for the lower final total was that the shares were issued in several tranches, and were subject to a final reconciliation mechanism.
“No further shares are to be issued under the agreement and APDC has now received the full upfront consideration for its 50% working interest in Project Peregrine,” the board said in its statement.
“APDC has also paid all outstanding cash calls due in relation to the Merlin-1 well.”
88 Energy now holds a 100% working interest in Project Peregrine, located on the North Slope of Alaska.
At 1043 BST, shares in 88 Energy were up 1.54% at 1.98p.
N/A
ISIN:
N/A
Exchange: N/A
Sell:
N/A
Buy:
N/A
Change:
Date:
Prices delayed by at least 15 minutes
Compare our accounts
Whether you're looking for a Share Dealing Account, Stocks and Shares ISA or a Self-Invested Personal Pension (SIPP), we've got an account to suit your needs..
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.