88 Energy Ltd (OTCMKTS:EEENF) Sock Resumes Another Round Of Rally

The oil and gas company 88 Energy Ltd (OTCMKTS:EEENF) was in focus among investors on Thursday although there was no fresh news about the company. The 88 Energy stock experienced heavy action yesterday and ended the day with gains of as much as 10%.

In the absence of any material news, it might be a good time for investors to perhaps take a look at a key development from earlier on this month. Back on September 2, the company had announced that it closed a round of equity placing that was worth as much as A$23.96 million.

In this context, it is also necessary to point out that it was a maximum sum that 88 Energy could raise without shareholder approval. The equity placing had been placed by the company at a time when it was in the middle of making preparations for the subsequent steps in its Merlin project in Alaska.

However, it should be remembered that the company is also engaged in other projects in the North Slope area. It had been announced by the company at the time that the proceeds from the equity placing are going to be deployed towards the Merlin 2 appraisal well which will start during the first quarter of 2022.

Energy company Allied Energy Corp. (OTCMKTS:AGYP) is one of the oil and gas companies that could be watched by investors closely in light of recent events with regards to the company. In order to make one’s mind up about the company, investors need to take a closer look at what has been happening at Allied Energy in recent weeks. One of the things that one should remember is that the coming week could be a pivotal one for Allied Energy.

Earlier this week, it emerged that the company had struck oil and was on the verge of beginning production at its Green Lease Site. However, that is not all. The company also noted that it was on the verge of starting production at its Annie Gilmer site as well. Both of these sites are located in Texas. The latest pieces of news could come as a significant boost for investors who have taken a long view of the Allied Energy stock.