Oil and gas company 88 Energy Ltd (OTCMKTS:EEENF) was in focus among investors last Friday and ended the day with gains of 6%. There was no news about the company on Friday but earlier on in the week on Wednesday the company provided some positive updates.
The company announced its interim results and noted that its financial situation was healthy. The Alaska focussed exploration company announced that at the end of the first half of 2021, it was not only free of any debts but had a cash position of as much as A$14 million. The announcement from the company had possibly come as a source of excitement for investors and led to the rally.
However, that was not all. In addition to that, 88 Energy also announced that it was going to release the comprehensive results and interpretation from its Merlin 1 well soon. It is one of the more ambitious projects that the company is involved in at this point in time and any update regarding it is expected to be watched by investors keenly.
In this regard, it should be noted that the drilling program at the Merlin 1 well had been completed by the company earlier on this year in March.