88 Energy (ASX:88E) has successfully completed a bookbuild to domestic and international institutional and sophisticated investors to raise $17.5M before costs.

The funds will be directed towards the planned Hickory-1 well at Project Phoenix, payment for the new Project Leonis acreage, portfolio expansion opportunities/new ventures and additional working capital.

Hickory-1 is designed to appraise up to six conventional reservoir targets within the SMD, SFS, BFF and KUP reservoirs, and is expected to cost approximately US$13.5M gross.

Following completion of the proposed Placing, 88 Energy says it will have sufficient cash to fund its ongoing working capital requirements and general and administrative overheads for at least 12 months.