Investors continue to bid up Australian based 88 Energy Limited. Shares are up 300% in the last month and 40% today.
Todays Price Action
As of 3:30 4/5/2021 shares of 88 Energy Limited were trading at .0859 up 43.6% gaining .0262. Volume was 814 million shares above its 10 average of 601 million and 30 day average of 329 million shares a day. There were over 30,000 trades with a dollar value of over $71 million. Pivot points to watch may be .0957 and .1176 to the upside.
Last week the company released an update related to its operations in the NPR-A region of the North Slope of Alaska.
88 Energy Limited (“88 Energy” or the “Company”, ASX:88E, AIM:88E, OTC:EEENF) is pleased to provide the following update related to its operations in the NPR-A region of the North Slope of Alaska.
• Umiat Oil Field acquisition conditions satisfied
• Wireline logging continues at Merlin-1
The final condition related to the acquisition of the Umiat Oil Field (“Umiat”) is now complete with cement work associated with plugging and abandoning of two historical wells at the field now executed. Remedial site work will be finalised in the near term.
Umiat is an historic oil discovery, made in 1945 in shallow Brookian (Nanushuk) sandstones, located
immediately adjacent to the southern boundary of Project Peregrine.
The field is covered by two leases comprising 17,633 acres, which are in a unit that was formed in
September 2019 with an initial 10 year term. The current conditions of the unit stipulate a well
commitment (exploration or appraisal) by 31st August 2022.
Umiat was discovered in the mid-1940s with 11 appraisal wells drilled by 1953, several of which were
tested. Umiat-5 flowed 268 barrels per day on a 3 month test and Umiat-8 had a peak flow rate of
5.9mmcf/d of natural gas during a 4 day test. Little work was done until 2013/2014 when Linc Energy
drilled two wells, Umiat-18 and Umiat-23H. Umiat-23H was tested with a maximum flow rate of 800
barrels per day and sustained flow of 200 barrels per day. Refer to ASX announcement dated 11
January 2021 for further details.
To read the whole update go to 88 Energy Limited (OTCMKTS:EEENF) announcement page.
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