88 Energy Ltd (OTCMKTS:EEENF) shares soared 21%, and in the past week, they have gained 65% without the company announcing any price-sensitive news. The reaction to the stock might be a result of the company’s repayment of all its remaining debt.
Similarly, the reaction might also be tied with the company’s announcement on June 21 when the company said that it had paid off its $16.1 million debt. Its subsidiary held Alaskan gas and oil tax credits estimated at $18.7 million.
Recently the company announced positive results from the initial tests of the Merlin-1 Well. In addition, analysis of samples from the well located in the Peregrine Project confirmed hydrocarbons’ presence. The company said the results were encouraging and will serve to refine its understanding of present hydrocarbons in the well and commercial prospects of the whole project.
EEENF has been performing exceptionally in recent months, and so far, year to date, the stock is up 362%. Therefore in months to come, EEENF is a stock to watch.
Market Reaction:
On Friday, EEENF stock rose 22% at $0.0343 with more than 641.78 million shares, compared to its average volume of 186.72 million shares. The stock had moved within a range of $0.0299 – 0.0359 after opening the trade at $0.0320. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.2000.
 Stock Gains Further Momentum: How To Trade This Week?){kind=link}