88 Energy completed the merger with XCD Energy in a $8.9m deal.

88 Energy, an exploration company, completed the merger with XCD Energy, an exploration company in Alaska, in an $8.9m deal and share price premium of 71%. “In a combined company, XCD Energy shareholders and listed option holders will be able to leverage from 88 Energy’s geological and operational expertise, specific to the North Slope of Alaska, where we have drilled four wells as Operator, safely and within budget, and acquired several 2D and 3D seismic surveys over the last five years. This includes extensive technical knowledge of the regionally successful Brookian oil plays, in which 88 Energy retains significant upside exposure via its highly prospective portfolio of exploration/appraisal projects covering ~330,000 net acres (480,000 gross) co-located on the North Slope,” David Wall, 88 Energy Managing Director.