https://insiderfinancial.com/4-otc-stocks-to-own-bbkcf-eeenf-jpex-mdmp/182958/
“Three pennies is nothing for this hidden gem.”
OTC STOCKS #2 EEENF
88 Energy Limited continues with the bullish move that took off right before the New Year, gaining about 80% over the month. The OTCQB stock is now trading at $0.0371. On Tuesday, it peaked at $0.0381, the highest level since April.
Our subscribers and readers are already familiar with EEENF, as we shared our bullish expectations on several occasions. We shared our take on the OTC stock in March 2021, before the YTD high touched the following month. The share price has more than doubled since the last time wediscussedEEENF in December, which once again demonstrates that we’re interested in identifying stocks before they rally.
88 Energy is an Alaska-focused oil exploration and appraisal company across about 440,000 net acres on the Alaskan Central North Slope and NPR-A regions, with a diversified portfolio of four highly prospective project areas: Project Icewine, Yukon Leases, Project Peregrine, and the Umiat oil field. The company is the operator across all of its portfolio of exploration and appraisal assets.
Investors have been closely watching the Peregrine project after the company announced that it would test the Merlin exploration well by drilling. In 2021, it launched operations and confirmed the potential existence of hydrocarbon-bearing zones at the site. On June 24, the company said that geochemical analysis of fluid extracts from selected core samples definitively demonstrated the presence of hydrocarbons.
In December, 88 Energy announced some progress on the Merlin-2 exploration well, which was planned to be drilled in the first quarter of 2022. The Merlin-2 appraisal is targeting 652 million barrels of oil in the highly prospective N18, N19, and N20 targets that were encountered in the successful Merlin-1 well (drilled in March 2021 to a depth of 5,267 feet), which demonstrated the presence of oil in these multiple stacked sequences within the Brookian Nanushuk Formation.
In mid-January, EEENF provided the latest update on Merlin-2. Commissioning of the Arctic Fox rig started ahead of mobilization to the Merlin-2 drilling location. Construction of the lane snow road to the location has also started. The permit to drill is in the final stages of review by the Bureau of Land Management. Spud of Merlin-2 remains on track for this month as scheduled.
In August, the company provided some updates on its Umiat oil field, which it acquired earlier this year. EEENF, via its wholly-owned subsidiary Emerald House LLC, which owns 100% of Umiat oil field leases AA-084141 and AA-081726 (Umiat Unit Leases), got notified from the Bureau of Land Management of approval of its request for a 24-month extension to the Year 2 Unit Obligations, and corresponding extensions for the Unit obligations in Years 3, 4 and 5.
merlin.jpg.webp
https://clients3.weblink.com.au/pdf/88E/02459682.pdf
Recently, EEENF got uplisted from Pink Current to OTCQB, and the $560+ million company is only starting its journey. Stakeholders have increased their stake in 2021, which reflects their confidence in EEENF’s great potential. We think this is a great OTC stock to hold long-term. Three pennies is nothing for this hidden gem.
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