88 ENERGY LIMITED
ASX:88EEnergyToday’s holders own 86.1% of what they think they own, once every option and right converts.
Runway 4–8 quarters; options/rights overhang 16% of shares; share count grew 15% in 24 months
88 ENERGY LIMITED has undergone an approximately 1-for-25 share consolidation in May 2025. Adjusted for this consolidation, the company's ordinary share count grew 15.0% between July 2024 and April 2026, standing at 1.33B shares as of April 2026. In the past 24 months, 88 ENERGY LIMITED has completed one capital raise, a A$5.0M placement in March 2026. There are currently 215M options outstanding which could result in new shares, representing 16.2% of the current share count, with the nearest expiry in December 2026. As of the June 2026 quarter, 88 ENERGY LIMITED held A$5.8M in cash, sufficient to cover 5.5 quarters of operations. No proposed securities issues are currently pending.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 1 Sept 2026 | 3H · cancellation | 88E : ORDINARY FULLY PAID | 1.33B | Appendix 3H |
| 27 May 2026 | 3G · unquoted | 88E : ORDINARY FULLY PAID | 1.33B | Appendix 3G |
| 27 May 2026 | 3G · unquoted | 88E : ORDINARY FULLY PAID | 1.33B | Appendix 3G |
| 27 May 2026 | 3G · unquoted | ORDINARY FULLY PAID | 1.33B | Appendix 3G |
| 6 Apr 2026 | 2A · quoted issue | 88E : ORDINARY FULLY PAID | 1.33B | Appendix 2A |
Capital raises
1 cash raise in the last 24 months · 1 in the last 12 months
Forward supply
Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered151.1M · 11.4% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 48.5M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered64.4M · 4.8% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 102.5M priced, 112.9M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.
Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.
An exercise price is on record for only 47.6% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.020 today. No more priced supply until 3× today’s price, which takes it to 99.5M (7.5% of shares).
- Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
- 112.9M (52.4% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| 88EAAA | Warrants | Price-triggered | — | 15 Dec 2026 | 10.8M | Filing |
| 88EOA | Options | Price-triggered | — | 15 Dec 2026 | 21.6M | Filing |
| 88EAAB | Options | Price-triggered | $0.14 | 6 May 2028 | 3.0M | Filing |
| 88EAC | Warrants | Price-triggered | — | 27 May 2029 | 16.2M | Filing |
| 88EAB | Options | Price-triggered | $0.043 | 27 May 2029 | 99.5M | Filing |
| 88EAA | Performance rights | Condition-triggered | — | — | 64.4M | Filing Meeting |
“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.
A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.
- 88EAKPrice-triggered3.0M securities → 016 Feb 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 31 Aug 2026 | Ashley Gilbert | Sell incentive | 2.2M | — | 18.5M | — | 3Y notice |
| 27 May 2026 | Ashley Gilbert | Other incentive | 2.2M | — | 17.5M | — | 3Y notice |
| 27 May 2026 | George Henry Stephen Staley | Other incentive | 574k | — | 7.0M | — | 3Y notice |
| 27 May 2026 | Joanne Williams | Other incentive | — | — | 7.0M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.