There have been some stocks that have managed to record handsome gains this month so far but the gains made by 88 Energy Ltd (OTC: EEENF) have been particularly eye-catching.
Over the course of the past three weeks, the 88 Energy stock has gone up by as cosmic as 300%. On Monday, the rally continued in the stock as it shot up by another 23%. In this sort of situation, it might be a good idea for investors to take a closer look at the company.
Earlier this month, the company announced that it found some potential hydrocarbon-bearing areas at the Merlin 1 well during the course of drilling work. The Merlin 1 well is located in Alaska. This announcement proved to be one of the most important triggers behind the rally in the 88 Energy stock. Investors could consider keeping an eye on the news coming out of the company with regards to the Merlin 1 well over the coming days.