88 Energy Limited (OTC: EEENF) continues to make stunning moves, and on Monday, the stock inched 42% higher and has risen almost 1000% this past month.
The shares traded at $0.0859 on the volume of 814 million shares above its ten-day average of 601 million and a 30-day average of 329 million shares. The stock is riding on last week’s update of its NPR-A region operations in Alaska. Preliminary petrophysical interpretation data showed massive pay zones potential in Merlin-1. The company started drilling Merlin-1 on March 10, 2021, indicating that mudlogging and logging through drilling will provide initial indications to the well’s prospectively at early stages.
The company said that wireline logging is ongoing at Merlin-1, which includes downhole sampling and sidewall cores. Similarly, the company said that it has met Umiat Oil Field acquisition terms with cement work related to plugging and doing away with two historical wells complete. 88 Energy Limited will complete remedial site work soon.