As another trading week begins, it might be a good time for investors to take a look at some of the stocks that ended the previous week strongly and one of the stocks that could be looked into at this point in time is that of 88 Energy Ltd (OTCMKTS:EEENF).
The rally in the stock came about after the company made announced on Thursday that the geochemical analysis of its Merlin 1 well confirmed the existence of hydrocarbons at the site. It is a major development for the company and hence, it came as no surprise when the stock jumped by as much as 10% on Friday.
It is now going to be interesting to see if the stock comes into focus among investors this morning. 88 Energy noted that the results from the test were highly positive and went on to state that it will be taken as guidance when the company actually starts studying the hydrocarbons at the site.
The company is also going to look into the commercial possibilities of Project Peregrine. However, it should be noted that another stage of geochemical analysis is going to be conducted and that is going to look into the type of the source rock as well as the presence of any oil.
Market Reaction:
On Friday, EEENF stock jumped 9.68% to $0.0204 with more than 176.13 million shares, compared to its average volume of 210.27 million shares. The stock has moved within a range of $0.0182 – 0.0212 after opening the trade at $0.0190 Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.2000.
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