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Tuesday, August 3, 2021

88 Energy Ltd (OTCMKTS: EEENF) Drilling the Merlin-1 & Harrier-1 Oil in the World Class Alaska North Slope

88 Energy Ltd (OTCMKTS: EEENF) is the new darling of small caps currently making a parabolic run up the charts and quickly establishing itself as a top traded stock in small caps. Currently under heavy accumulation EEENF traded $73 million in dollar volume on Friday alone and is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars. The recent acquisition of XCD Energy gives the Company over 400,000 acres in the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and a war chest of $13 million in the treasury. Timing could not be better for a potential mammoth oil strike with the Crude Oil WTI Index hitting a high of US$67.98 per barrel recently, a level it hasn’t traded at since 2018. EEENF is in beast mode right now and is the most talked about small cap stock; a break over $0.073 on Monday and things really start popping here.  

88 Energy recently commenced drilling the Merlin-1 well which will initially be drilled to 1,500 feet, then surface casing will be installed, and the Blow Out Preventer System tested. the well will be deepened through the target horizons in the Nanushuk Formation to a maximum total depth of 6,000 feet. The Merlin-1 well is targeting 645 million barrels of gross mean prospective resource. A second well, Harrier-1 may commence immediately following completion of operations at Merlin-1. Herrier-1 is targeting gross mean prospective resource of 417 million barrels. Both the Merlin and the Herrier prospects are located on trend to an existing discovery in the same play type (Nanushuk topsets). This has de-risked the prospects considerably and resulted in a relatively high estimated geological chance of success. According to 88E recent release the Company’s total prospects for 3 of their wells; the Merlin, Herrier & Herrier Deep target 1.638 billion barrels of oil. 

88 Energy Ltd (OTCMKTS: EEENF) is an oil and gas operator with 3 properties covering over 400,000 acres of targeting the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and natural-gas liquids and 227 trillion cubic feet of gas. The recent merger of 88Energy and XCD Energy has created a substantially enhanced Alaska focused oil exploration and appraisal Company currently making big moves.  All three projects combined total about 410,312 acres in northern Alaska that hold significant potential of future growth and discoveries. 88E is listed in Australia, London and the USA as EEENF  With 88 Energy targeting 1.638 bbl and analyses on the projects coming in late Q1, 2021 anticipation could not be greater. 

EEENF has an impressive shareholder list:

Project Icewine, Alaska covers 200,000 acres onshore in a prolific oil-rich province. The land was confirmed to have large oil and condensate repositories and is expected to be further appraised for more accurate findings.  The project site has a 78% working interest and would be leased for 7-10 years with a 16.5% royally for the land holders. nconventional objective in shale complex that sourced the 13 BN barrel Prudhoe Bay Oil Field – opportunity identified by first mover in the Eagle Ford; onventional objective is the hottest play on the North Slope with 88 Energy acreage offset by multiple recent discoveries. 

Project Peregrine in Alaska spans about 195,000 acres and is fully owned by EEENF in NPR-A. The site was recently acquired via the arket takeover of XCD Energy Ltd. Large prospects on trend to recently discovered fields; US$10m farm-out completed post XCD acquisition; Drilling to commence March 2021. 

The Cascade Project covers 15,312 acres and contains historic oil discoveries and is near commissioned infrastructure. Called the Yukon oil leases this project was initially acquired due to its excellent location and low cost, especially considering 3D seismic trials revealed about 86 million barrels of resources in 2018.  

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EEENF

88E recently reported that Rig 111 commenced drilling the Merlin-1 well on March 10. The Merlin-1 well will initially be drilled to 1,500 feet, then surface casing will be installed, and the Blow Out Preventer System tested. the well will be deepened through the target horizons in the Nanushuk Formation to a maximum total depth of 6,000 feet. The Merlin-1 well is targeting 645 million barrels of gross mean prospective resource.  

Commenting on progress and outlining what may lie ahead following Merlin-1, managing director Dave Wall said, “Success at Merlin-1 could yield over 300 million barrels net to 88E and open up further prospectively at Project Peregrine, in addition to unlocking the substantial proven resource at the adjacent Umiat oil field, which is 100% owned by 88 Energy. Metrics for discovered oil were demonstrated by the late-2017 Oil Search (ASX:OSH) transaction where US$3.10 per barrel was paid in a low oil price environment for an interest in the Pikka Field, a discovery in the Nanushuk Formation. Success at Merlin-1 would be transformational for our shareholders and we look forward to providing further information on operations over the next 4 to 6 weeks.’’  

According to management the Company has a war chest of US$13 million which will easily fund its share of the drilling of Merlin-1 and the company’s other planned activities. 88 Energy managing director Dave Wall stated, “Drilling has now commenced at Merlin-1, with results expected within the next 4 weeks. This is an exciting and pivotal time for the company and our shareholders.” The timing of a potential oil strike couldn’t be better with the Crude Oil WTI Index hitting a high of US$67.98 per barrel just last week, a level it hasn’t traded at since 2018. 

https://twitter.com/StockWarrior1/status/1376342865853431813

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88 Energy Ltd (OTCMKTS: EEENF) is the new darling of small caps currently making a parabolic run up the charts and quickly establishing itself as a top traded stock in small caps. Currently under heavy accumulation EEENF traded $73 million in dollar volume on Friday alone and is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars. The recent acquisition of XCD Energy gives the Company over 400,000 acres in the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and a war chest of $13 million. Timing could not be better for a potential mammoth oil strike with the Crude Oil WTI Index hitting a high of US$67.98 per barrel recently, a level it hasn’t traded at since 2018. EEENF is in beast mode right now and is the most talked about small cap stock; a break over $0.073 on Monday and things really start popping here.   88 Energy recently commenced drilling the Merlin-1 well which will initially be drilled to 1,500 feet, then surface casing will be installed, and the Blow Out Preventer System tested. the well will be deepened through the target horizons in the Nanushuk Formation to a maximum total depth of 6,000 feet. The Merlin-1 well is targeting 645 million barrels of gross mean prospective resource. A second well, Harrier-1 may commence immediately following completion of operations at Merlin-1. Herrier-1 is targeting gross mean prospective resource of 417 million barrels. Both the Merlin and the Herrier prospects are located on trend to an existing discovery in the same play type (Nanushuk topsets). This has de-risked the prospects considerably and resulted in a relatively high estimated geological chance of success. According to 88E recent release the Company’s total prospects for 3 of their wells; the Merlin, Herrier & Herrier Deep target 1.638 billion barrels of oil. Microcapdaily first reported on EEENF on March 18 when the stock was $0.015. We will be updating on 88E when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with 88E.

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Disclosure: we hold no position in 88E either long or short and we have not been compensated for this article

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1 COMMENT

  1. More nonsense about an impressive shareholders’ list. These nominee holdings are mainly holdings picked by individual British investors (such as me) and are wrapped in an ISA, an Individual Savings Account run by a big investment firm. I chose 88e shares and Hargreaves Lansdown bought them with my money, as have thousands of others. It means I won’t have to pay Capital Gains Tax on any gain on the 88e shares in the ISA.

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