88 Energy & Argonaut

Argonaut advised 88 Energy Limited on the refinancing of its outstanding loan of US$16.5 million with Bank of America. 88 Energy Limited (ASX: 88E) is an Australian oil and gas exploration company operating in multiple drilling sites in Alaska. The decision for debt refinancing follows an extensive global tender and due diligence process. The transaction was completed on substantially similar terms to the original loan agreement between 88 Energy Limited and the Bank of America.

88 Energy Limited holds a 78% working interest in the 200,000 net acres Project Icewine following a binding agreement with Burgundy Xploration. The site is host to rich liquid opportunities from multiple discoveries, including the 13 BN barrel Prudhoe Bay Oil Field. 88 Energy Limited is also involved in Project Peregrine, Project Yukon and the Umiat Oil Field in Alaska.