88 Energy share price
The 88 Energy share price (LON: 88E) is up 22.29% on Friday after the company revealed it had finalized the sale of the Alaska oil and gas tax credits. This means that the business has now paid off all of its existing debt. The Australia-based energy company has now added 119.22% to its stock price over the past month and 404.2% year-to-date.
Today’s rise ends a strong week for 88 Energy as FTSE 250 has made promising announcements for its future.
88 Energy repays the existing debt
In early June, 88 Energy confirmed that it had accepted the sale of the Alaska oil and gas tax credits by a subsidiary owned by the company.
The news followed an earlier announcement made by Compass on June 21. 88 Energy then said the selling price of the tax credits was $ 18.7 million.
The FTSE 250 company said most of the money generated from the sale would be used to pay off 88 Energy’s outstanding debt of $ 16.1 million. The debt was due to fall due at the end of 2022.
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The debtor waived the prepayment penalties as 88 Energy confirmed on Thursday that the debt repayment was finalized.
88 Energy adopts global standard for ESG reporting
On June 30, 88 Energy confirmed that it had adopted the Environmental, Social and Governance (ESG) framework designed by the World Economic Forum (WEF).
Socialsuite, an impact monitoring technology company, a leading provider of impact management systems, will measure 88 Energy’s performance through 21 core ESG metrics and information.
The company will then report on its ESG progress in each area of sustainable development.
The company has paid off its unpaid debts and is committed to being transparent about its sustainability measures, which was reflected in the 88 Energy share price.