88 Energy completed an oversubscribed share placement, raising $9.9 million.

The placement, at $0.0045 per share, includes one option/warrant for every three placement shares issued.

The funds will fully finance the upcoming Hickory-1 flow test program. The flow testing of multiple reservoirs at the Hickory-1 well is set for the first quarter of 2024.

The placement also supports the company's initial exploration in Namibia.