88 Energy (AIM:88E) confirmed on Monday that it had completed its acquisition of XCD Energy which holds a 100% Working Interest in the highly prospective Alaskan North Slope.
The Alaskan explorer issued a final tranche of 132.6 million shares in relation to the recommended off-market takeover for all ordinary shares and listed options in XCD Energy.
88E previously reached an agreement with XCD Energy for a unanimously recommended merger back in May 2020, achieving a backing of about 18.5% of XCD’s shareholders.
Shares in 88 Energy opened flat on Tuesday morning at 0.27p.
The merged entity will form a diversified portfolio of exploration projects on Alaska’s North Slope. The three key projects will include Project Icewine, Yukon leases and Project Peregrine with the assets at various stages of development, the company previously outlined.
The duo said the combined company will have increased scale, market presence along with higher funding capability and trading liquidity across the ASX and London AIM exchanges.
Commenting on the merger, XCD’s Chairman Peter Stickland said the deal was “compelling” for its shareholders due to the “demonstrated operational capability” at Alaskan North Slope.
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