88 Energy has successfully raised $3mln though an oversubscribed share placing.

The company will also open a share purchase plan to eligible existing shareholders with a view to raising a further $2mln.

It comes after the company significantly increased its position on Alaska’s North Slope, an area referred to as Project Icewine, where it is currently drilling a potentially high impact exploration well.

The well is designed to test a large shale play, as well as a number of conventional oil and gas targets.

Tags: 88 Energy Ltd