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Monday, October 25, 2021

88 Energy Ltd (OTCMKTS: EEENF) Powerful Breakout as Oil Operator Drills the Merlin 1 in Alaska’s North Slope Oilfields

88 Energy Ltd (OTCMKTS: EEENF) is moving steadily northbound with power quickly emerging as one of the most exciting and searched for stocks in small caps. Currently under heavy accumulation EEENF regularly trades $20 million in dollar volume in a day and has a huge international following of shareholders. The Company is currently beefing up its management team after executive chairman Michael Evans retired after 7 years with the Company. 88 Energy has hired Philip Byrne. The energy company also said that Robert Benkovic has been appointed chief operating officer. Mr. Byrne is a petroleum geologist with over 40 years’ experience in the international oil and gas industry across technical, exploration, commercial and executive leadership roles. Mr. Benkovic is a petroleum engineer and subsurface manager with almost 25 years’ experience across the oil and gas industry.  

As oil continues to rise quickly with some experts now predicting $100 per barrel crude is on the horizon, it’s easy to see why EEENF is being heavily accumulated at current price levels; the Company has been making some big moves behind the scenes including increasing their ownership in the Peregrine mine to 100%, Extinguishing all of their debt, beefed up their management team with a new petroleum engineer and a petroleum Geologist in Philip Byrne and Robert Benkovic. The ex-CEO of the Company David Wall recently doubled his position in EEENF from 120 million shares to 254 million shares. As shareholders await additional core sampling results EEENF is getting noticed by the big boys as they drill the Merlin-1 in the World Class Alaska North Slope recently getting a mention from mining giant ConocoPhillips ( $COP) in a recent shareholder meeting. 88 Energy Ltd hasn 3 properties covering over 410,312 acres 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. 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

Home - 88 Energy Ltd88 Energy Ltd (OTCMKTS: EEENF) is an oil and gas operator with 3 properties covering over 400,000 acres 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.  The Company’s 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 soon anticipation could not be greater. Timing could not be better for a potential mammoth oil strike with the Crude Oil WTI Index hitting a high of US$80 per barrel recently, a level it hasn’t traded at since 2018. 

Microcapdaily has been reporting on EEENF since March 10 stating at the time:Several days ago, EEENF stated 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. 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 exisiting 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. The COVID-19 pandemic triggered an unprecedented demand shock in the oil industry, leading to a historic market collapse in oil prices. Since its April lows the price of oil has been rising rapidly and is predicted to continue to rise. Wall Street is now predicting a new commodity bull market that will rival the oil price spikes of the 1970s or the China-driven boom of the 2000s. Market experts like JPMorgan Chase recently warned the oil market could be on the cusp of a “supercycle” that sends Brent crude skyrocketing as high as $190 a barrel in 2025.  

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EEENF

88 Energy recently received initial results from 5 of the 18 specifically selected trims from the side wall cores, with 2 of the 5 confirming the presence of hydrocarbons. Significantly, these depths were among the prospective zones that were not able to be tested with the RDT downhole fluid extraction tool. These zones also correspond with depths where good oil shows were noted during drilling, including petroliferous odor, fluorescence and cut. Small trims were cut from the side of several of the 48 side wall cores to undergo special analysis. The remaining material is reserved for routine core analysis. These gas chromatography charts show a spread of carbon compounds with lighter molecules on the left and heavier components on the right. Oil signatures may be inferred by the presence of heavier carbon compounds seen in the two of the five samples run to date (as seen in Fig. 2). Importantly these signatures show no evidence of biodegradation.   

The highly encouraging test results to date serve to refine the Company’s understanding of both the quantity and the mobility of hydrocarbons in place as well as the commercial potential of the greater Project Peregrine acreage, which will be further appraised in coming seasons. The Company looks forward to further results from the remaining 13 trims over the coming weeks. Phase two of the geochemical analysis program on the side-wall core trims will commence after completion of the analysis of remaining 13 trims, which will include quantitative extraction, SARA, isotopes and biomarkers analysis. These analyses are designed to confirm not only the presence of oil but also the nature of the source rock, enhancing understanding of the likely quality of the oil as well as migration pathways, which is critical for understanding regional implications on prospectively across Project Peregrine.  

In addition, the Company is looking forward to the preliminary results of the Volatiles Analysis Service (VAS), which is currently underway, as well as analysis of gases collected in isotubes while drilling. VAS and gas analysis further enhances knowledge of the depths at which oil accumulations may occur across the project area as well as wettability of the reservoir rocks. Testing Program and Status. The Company is highly encouraged by the preliminary results received to date from the Merlin-1 testing program, with analysis and interpretation of results ongoing. Once complete, these will be consolidated and integrated into the Project Peregrine database, which will form the basis of future farm-out and exploration on the acreage.   

88 Energy is beefing up its management team; the Company recently non executive chairman Michael Evans retired after 7 years with the Company. 88 Energy has hired Philip Byrne. The energy company also said that Robert Benkovic has been appointed chief operating officer. Mr. Byrne is a petroleum geologist with over 40 years’ experience in the international oil and gas industry across technical, exploration, commercial and executive leadership roles. Mr. Benkovic is a petroleum engineer and subsurface manager with almost 25 years’ experience across the oil and gas industry. 

https://twitter.com/Ninja1Stock/status/1422002040792887301

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88 Energy Ltd is moving steadily northbound with power quickly emerging as one of the most exciting and searched for stocks in small caps. Currently under heavy accumulation EEENF regularly trades $20 million in dollar volume in a day and has a huge international following of shareholders. The Company is currently beefing up its management team after executive chairman Michael Evans retired after 7 years with the Company. 88 Energy has hired Philip Byrne. The energy company also said that Robert Benkovic has been appointed chief operating officer. Mr. Byrne is a petroleum geologist with over 40 years’ experience in the international oil and gas industry across technical, exploration, commercial and executive leadership roles. Mr. Benkovic is a petroleum engineer and subsurface manager with almost 25 years’ experience across the oil and gas industry. As oil continues to rise quickly with some experts now predicting $100 per barrel crude is on the horizon it‘s easy to see why EEENF is being heavily accumulated at current price levels; the Company has been making some big moves behind the scenes including increasing their ownership in the Peregrine mine to 100%, Extinguishing all of their debt, beefed up their management team with a new petroleum engineer and a petroleum Geologist in Philip Byrne and Robert Benkovic. The ex-CEO of the Company David Wall recently doubled his position in EEENF from 120 million shares to 254 million shares. As shareholders await additional core sampling results EEENF is getting noticed by the big boys as they drill the Merlin-1 in the World Class Alaska North Slope recently getting a mention from mining giant ConocoPhillips ( $COP) in a recent shareholder meeting. 88 Energy Ltd hasn 3 properties covering over 410,312 acres 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. 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. 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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