EEENF - 88 Energy Ltd

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88 Energy is an Alaska-focused oil exploration and appraisal company across ~440,000 net acres on the Alaskan Central North Slope and NPR-A regions, with a diversified portfolio of four highly prospective project areas: Project Icewine, Yukon Leases, Project Peregrine and the Umiat oil field. The company is the Operator across all of its portfolio of world class exploration and appraisal assets. 88 Energy's drilling programs maintain adherence to the strict environmental regulations that exist in the State of Alaska. It's drilling programs also provide significant job opportunities to local Alaskans. 88 Energy's purpose is to build a successful exploration and production company that delivers material returns to its shareholders and contributes to stakeholders and development of the regions in which it operates in. 88 Energy has adopted the World Economic Forum Environment, Social, Governance (ESG) reporting framework to report against key sustainability metrics including governance, ethical behavior, carbon emissions, water consumption, diversity and inclusion.

OTC Market: Pink Current Information  | Related ticker symbols: ASX: 88E

88 Energy is an Alaska-focused oil exploration and appraisal company across ~440,000 net acres on the Alaskan Central North Slope and NPR-A regions, with a diversified portfolio of four highly prospective project areas: Project Icewine, Yukon Leases, Project Peregrine and the Umiat oil field. The company is the Operator across all of its portfolio of world class exploration and appraisal assets. 88 Energy's drilling programs maintain adherence to the strict environmental regulations that exist in the State of Alaska. It's drilling programs also provide significant job opportunities to local Alaskans. 88 Energy's purpose is to build a successful exploration and production company that delivers material returns to its shareholders and contributes to stakeholders and development of the regions in which it operates in. 88 Energy has adopted the World Economic Forum Environment, Social, Governance (ESG) reporting framework to report against key sustainability metrics including governance, ethical behavior, carbon emissions, water consumption, diversity and inclusion.

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EEENF Stock - 88 Energy
EEENF Stock - 88 Energy

88 Energy Ltd. (ASX: 88E, OTC: EEENF) is an oil and gas exploration company with a portfolio of projects in Alaska and Texas. The company’s primary focus is Project Peregrine in the North Slope of Alaska. In early 2021 drilling was completed for the Merlin-1 well and light oil was found. 88 Energy expects to spud Merlin-2 in Q1 2022.[1]

Merlin-2[edit]

On March 29, 2022 88 Energy announced that it would plug the Merlin-2 appraisal well due to insufficient reservoir quality.[2]

Additional projects in Alaska[3][edit]

Umiat Oil Field: 88 Energy holds a 100% working interest in approximately 17,000 acres with potential reserves estimated at 94 MMBO.

Project Icewine: 88 Energy holds a 75% working interest in approximately 193,000 acres with prospective reserves of 1.77 BBOE.

Project Yukon: 8 8Energy holds a 100% working interest in approximately 38,000 acres with prospective reserves of 90 MMBO.

Project Longhorn in Texas holds reserves of 2.1 MMBOE and is a low risk opportunity to diverse the company’s portfolio[4]. This area currently produces about 300 boe per day from 32 wells. Production is expected to increase due to capital expenditures in 2022[5].

Investor Updates[edit]

February 2022[6]:

  • Highlights from an investor update provided in February 2022:
  • Merlin-2 well expected to spud in March 2022 targeting 652 MMBO
  • Project Icewine is in the appraisal stage with 2D and 3D seismic acquired
  • Umiat oil field is ready to begin development with assessment currently being conducted

Financials[edit]

88 Energy is in a good position to pursue its exploration and development opportunities with cash on hand of $32,318,000 and no debt[7].


References[edit]


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Fri, 06:52 August 12, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Fri, 06:50 August 12, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Mon, 03:57 June 27, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Thu, 02:39 April 14, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Thu, 02:38 April 14, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Tue, 01:11 April 12, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Tue, 10:10 March 29, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Wed, 00:43 March 23, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Fri, 02:10 March 18, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Thu, 07:40 March 17, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: 88 Energy Ltd. | Tier: OTCQB | Source: OTCM |


Tue, 00:00 March 8, 2022 | WikiVisor


Thu, 00:00 March 3, 2022 | WikiVisor


Mon, 00:00 February 28, 2022 | WikiVisor




Thu, 00:00 February 10, 2022 | WikiVisor



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EEENF Stock

As of 5/18/2022 there were 15,885,207,406 shares of EEENF stock outstanding.

As of 12/30/2022 short interest was 4,077,215 shares, which represents 1 day to cover.

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Caesar | Posted on Apr 12, 2022 at 3:07 pm | Bear

This company is a good example of enormous potential that will remain untapped. The Merlin-2 disappointment is emblematic of this management team's ability (or lack thereof) to become a true production company. Whether is is luck, skill, or a combination of both, 88 Energy seems to always be so close yet never able to reach the finish line.

Wisdom Tree | Posted on Mar 28, 2022 at 8:36 pm | Bull

It has taken a long time for 88 Energy to get to this point, but I think this is a good time to get in the stock. The outlook it good for drilling this year and they have a strong cash position. This play has been substantially de-risked. Early investors have paid the price for massive dilution over the years but new investors may reap the benefits now. Still kind of risky so I'm not suggesting making this the centerpiece of a portfolio.