88 Energy issues fewer shares than expected for Peregrine purchase

88 Energy announced on Thursday that, in relation to its agreement with Alaska Peregrine Development Company (APDC) for the acquisition of a 50% working interest in Project Peregrine, the final total number of shares issued to APDC was 633,457,196 - 190,634,537 lower than originally projected.

The AIM-traded firm said the reason for the lower final total was that the shares were issued in several tranches, and were subject to a final reconciliation mechanism.

“No further shares are to be issued under the agreement and APDC has now received the full upfront consideration for its 50% working interest in Project Peregrine,” the board said in its statement.

“APDC has also paid all outstanding cash calls due in relation to the Merlin-1 well.”

88 Energy now holds a 100% working interest in Project Peregrine, located on the North Slope of Alaska.

At 1043 BST, shares in 88 Energy were up 1.54% at 1.98p.