Today, 88 Energy shares are trading at 2.3250 GBP, 7.00% lower than yesterday’s value. Since the beginning of this month, the share price has increased significantly. On August 4, the shares jumped by 2,8750 GBP. But the next day they fell to 2,3600 GBP. As of August 10, the share price was 2,3392 GBP.
88 Energy recently completed its acquisition of 100% ownership of the Peregrine Project in Alaska. It issued a total of 633.4 million shares to the supplier, which, according to 88 Energy, was about 190 million shares less than previously expected, as several tranches were reduced through agreed final reconciliation mechanisms.
The supplier, Alaska Peregrine Development Business LLC, will not get any additional shares, and the company stated that APDC has made all outstanding cash payments due in connection with the Merlin-1 well. The results of the second phase of the interior decoration of the side walls analysis should be available in the coming weeks.