88 Energy Ltd - EEENF stock

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OTC Symbol: EEENF | OTC Tier: Pink Current | Related ticker symbols: ASX:88E

About 88 Energy[edit]

88 Energy Ltd. (ASX: 88E, OTC: EEENF) is an oil and gas exploration company with a portfolio of projects in Alaska, Texas and Namibia. 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]



In 2020, 88 Energy bought XCD Energy Ltd. which owned the rights to the land for this project. The Merlin-1 well was completed in 2021 and confirm the existence of a petroleum system with three primary targets containing hydrocarbons.[2]


On March 29, 2022 88 Energy announced that it would plug the Merlin-2 appraisal well due to insufficient reservoir quality.[3]

Additional Projects in Alaska[edit]


The Umiat deposit in the southeastern part of the National Petroleum Reserve-Alaska, was insufficient in size to be economically viable. However, the oil's superior quality allowed U.S. Navy drillers to extract it from wells and utilize the unprocessed crude oil in diesel engines powering heavy equipment and drilling rigs. Although this field has been explored for over 50 yers, 88 Energy hopes to prove that reserves are greater than previously thought.[4]

88 Energy holds a 100% working interest in approximately 17,000 acres with potential reserves estimated at 94 MMBO.[1]


Project Icewine is estimated to have unrisked prospective resource of 4.5 billion boe. 88 Energy holds a 75% working interest in approximately 193,000 acres with prospective reserves of 1.77 BBOE.[5]


Project Leonis comprises 10 leases covering approximately 25,430 acres on Alaska’s North Slope. The area is near infrastructure and a previous well test indicated oil shows.[6]


Estimates for this are show 136 million barrels of recoverable hydrocarbon liquids and 628 billion cubic feet of recoverable gas, based on the results of the Hickory-1 well drilled in 2023.[7]

Project Longhorn in Texas[edit]

Project Longhorn holds reserves of 2.1 MMBOE and is a low risk opportunity to diverse the company’s portfolio.[1] This area currently produces about 300 boe per day from 32 wells. Production is expected to increase due to capital expenditures in 2022[8].


88 Energy financials:[9] {| class="wikitable" |+ !Year Ending !Revenue !Net Income !Earnings Per Share !Total Liabilities !Cash Balance |- |12/31/2022 |$0 |($8,583,000) |$0.00 |$1,350,000 |$14,124,000 |- |12/31/2021 |$0 |($1,196,000) |$0.00 |$5,943,000 |$32,318,000 |- |12/31/2020 |$0 |($2,595,000) |$0.00 |$26,448,000 |$14,845,000 |}

  1. 1.0 1.1 1.2 88energy.com. Projects Overview. Retrieved on 1/2/2024.
  2. 88energy.com. Project Peregrine. Retrieved on 1/2/2024.
  3. Youtube
  4. Frontiersman. Oil explorers return to Umiat, site of early 1945 North Slope oil find. January 12, 2021. Archive link.
  5. Oil and Gas Journal. 88 Energy releases Icewine East resource estimate. August 10, 2022. Archive link.
  6. JPT75. 88 Energy Awarded Project Leonis Acreage on Alaska’s North Slope. June 1, 2023. Archive link.
  7. energy-pedia news. US: 88 Energy reports maiden independent Contingent Resource estimate at Project Phoenix for the Basin Floor Fan (BFF) reservoir. November 6, 2023.
  8. Weblink
  9. Yahoo Finance. EEENF Financials. Retrieved on 1/2/2024.

The page is authored by: Wisdom Tree, Otis Wick