Although there were positive developments with regards to the oil and natural gas company 88 Energy Ltd (OTCMKTS:EEENF) on Monday, it did not lead to much of a boost for the stocks. The stock continued to perform poorly and ended up with a decline of 7% for the past week.
Trading Data
On Tuesday, EEENF stock fell 4.35% to $0.0319 with more than 120.79 million shares, compared to its average volume of 72.64 million shares. The stock moved within a range of $0.0315 – 0.0333 after opening trade at $0.0328.
88 Energy kicks off drilling of Merlin-2 oil well
In this situation, it may be a good idea to look into the latest announcement from the company. It emerged yesterday that 88 Energy had finally commenced the drilling activities at the Merlin 2 oil well project which is situated on the North Slope region in Alaska.
In this context, it ought to be noted that 88 Energy announced that it made plans to drill the Merlin 2 oil well up to 8000 feet in depth. The latest drilling programme is actually a follow up of the drilling activities that the company had completed at the Merlin 1 well around a year ago. It goes without saying that the latest announcement was a significant one from the company. However, it does remain to be seen if it does lead to any traction for the company’s stock or not in the coming days.
Technical Data
EEENF stock is trading above the 20-Day and 50-Day Moving averages of $0.0316 and $0.0281 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0238.
