IN BRIEF: 88 Energy plans Merlin-2 appraisal; in strong cash position

88 Energy Ltd - Alaska-focused oil exploration and appraisal company - At Project Peregrine, ...

Alliance News 15 October, 2021 | 8:29PM
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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; arvindbhunjun@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
88 Energy Ltd 1.43 -
88 Energy Ltd 0.03 -

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