88 Energy Ltd. (OTCMKTS:EEENF) jumped 22% last week after receiving a 2-year extension for the Umiat oil field obligations to august 2023. This comes as the company continues advancing acreage understanding, and it plans to progress with extensive analysis of historical data and the Merlin-1 well findings from the nearby Project Peregrine.
In addition, 88 Energy indicated that it expects optimization of development plans for the oil field during this extended period, including synergistic collaboration with Project Peregrine to maximize Umiat’s survival chances. The company is also planning to evaluate previous scoping studies to explore potential development scenarios and review sensitivity analysis for incorporation in Merlin-1.
Recently the company appointed Philip Bryne as its new non-executive chairman, taking over from the retiring Michael Evans. Equally, 88 Energy announced Robert Benkovic as new COO and Joanne Kendrick as a non-executive director as it seeks to enhance its management team. With the enhancements, EENF is worth watching in the coming months.
Market Reaction:
On Friday, EEENF stock went up 0.55% at $0.0366 with more than 98.86 million shares, compared to its average volume of 153.33 million shares. The stock has moved within a range of $0.0342 – 0.0370 after opening the trade at $0.0355.
