EEENF - 88 Energy Ltd

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88 Energy Limited engages in the exploration of oil and gas properties in the United States. The company holds a 59% working interest in the Icewine project, which covers an area of approximately 231,000 acres located in North Slope of Alaska, the United States. It also holds a 100% working interest in the Yukon Gold leases covering an area of approximately 15,235 acres located on the eastern border of the Central North Slope of Alaska. In addition, the company has a 50% working interest in Peregrine project covering an area of approximately 195,373 acres located in the NPR-A region of the North Slope of Alaska. The company was formerly known as Tangiers Petroleum Limited and changed its name to 88 Energy Limited in February 2015. 88 Energy Limited was incorporated in 1996 and is based in Subiaco, Australia.
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Opinions

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.

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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].

EEENF Stock[edit]

As of 05/18/2022 there were 15,885,207,406 shares of EEENF stock outstanding.[8]


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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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