88 Energy Ltd (OTCMKTS:EEENF) jumped 12% following the appointment of Phillip Bryne as a non-executive Chairman to replace the retiring Michael Evans. Equally, the company announced two more appointments as it seeks to enhance its management team. Joanne Kendrick has been appointed as a non-executive director, while Robert Benkovic has been appointed as the new COO.
Evans said that 88 Energy is among the most established operators in Alaska with massive success. He welcomed Joanne and Phil to the board, who he believes will be invaluable because of their experience and credentials in taking the company to the next level.
During the quarter, the company reported asset deals and management changes, but now the focus has shifted to the analysis of Merlin-1 well results. The company will amalgamate the full results and use them to develop a plan for the project. During the quarter, the company completed the Merlin-1 program in April. Therefore, in weeks to come, the EEENF is a stock to watch.
On Monday, EEENF stock surged 11% at $0.0329 with more than 189 million shares, compared to its average volume of 148.69 million shares. The stock had moved within a range of $0.0300 – 0.0330 after opening the trade at $0.0300.