15th Oct 2021 20:29
88 Energy Ltd - Alaska-focused oil exploration and appraisal company - At Project Peregrine, Merlin-1 well showed the presence of oil in multiple stacked sequences, geochemical analysis of the cores has determined the presence of light oil with an estimated API gravity between mid-30s to low-40s. Says Merlin-2 appraisal well planned for first quarter of 2022 with permitting and rig selection underway.
Says it is in a strong financial position with cash of AUD36.1 million and zero debt as at September 30.
Current stock price: 1.65 pence
Year-to-date change: more than three times higher
By Arvind Bhunjun; [email protected]
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