In yesterday’s trading session, 88 Energy Limited (OTCPink: EEENF) surged 42.04% to conclude the session at $0.0848. 88 Energy stock has a volume of 862.76M shares in contrast to its average weekly volume of 144.36M shares. EEENF stock soared after it shared an update on its Alaska operations last week.
What was the update?
In its business, 88 Energy Limited explores for oil and natural gas in the United States. EEENF holds 59% of the Icewine project, which is an approximation of 231,000 acres in Alaska’s North Slope region. Also, EEENF holds a 100% interest in the Yukon Gold leases located on the Central North Slope of Alaska, covering around 15,235 acres. Furthermore, EEENF has a 50% stake in the Peregrine project located in the North Slope of Alaska covering an area of approximately 195,373 acres.
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88 Energy last week provided an update related to its operations in the NPR-A region of the North Slope of Alaska.
- The Nanushuk showed oil over multiple intervals, including the primary targets, while drilling Merlin-1.
- There were various fluorescence levels from weak to moderate when exposed to solvent.
- Despite the relatively small increase above background in total gas in Merlin-1 compared to that seen on the Analogue Wells, one of the prospective horizons in Merlin-1 did contain substantial levels of total gas, similar to that on the Analogue Wells.
- The presence of heavier component gas was observed over multiple time intervals, including C5.
- Resistance increased between these time intervals and this is encouraging, particularly because the Nanushuk is considered to be a low-resistance type play.
- Several drilling intervals were observed to have fluorescence along with petroliferous odours.
- The intervals in the Harrier prospect are interpreted to be a part of a potential sand package separate from those in the Harrier prospect.
88 Energy (EEENF) reported those encouraging results saying that the wireline program will now be carried out over the next week. Through the wireline program, EEENF will check for the presence of mobile hydrocarbons, after the mandatory blow out prevention test.