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

The funds will support the development of the Hickory-1 discovery well at Project Phoenix and exploration in Namibia and Alaska.

The placement, issuing 3,291,974,839 new shares at $0.003 each, is expected to sustain operations for 12 months.

The company aims to engage a strategic partner for further development and commercialisation.