While it is true that the oil and gas company 88 Energy Limited (OTCMKTS:EEENF) has come into focus among investors at different points in the past few months, there has been no news about the company in recent days.
However, that did not stop the 88 Energy stock from emerging as a notable gainer on Monday. The stock was in considerable focus among investors yesterday and ended the day with gains of as much as 12%. In this context, it is important to note that the last time any news emerged about the company was back on August 17.
At the time, the company actually made a vital announcement that could have long term ramifications for 88 Energy’s growth. The company revealed that the evaluation of its Merlin 1 well had been concluded successfully and more importantly, the availability of oil had also been seen in a number of stacked sequences in the Cretaceous Nanushuk Formation.
However, in addition to that, the company also announced that another target, N19 sand, that had not actually been mapped also demonstrated pretty strong hydrocarbon signature. The optimism among investors is understandable and perhaps it might be a good time to add 88 Energy to the watch lists.