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Friday, November 26, 2021

Oil at Peregrine; EEENF (88 Energy) Commences Drilling the Merlin-1 (Herrier-1 & Herrier Deep to Follow) Targeting 1.638 bbl

EEENF (88 Energy) has seen a massive surge of volume in recent days and is beginning to move northbound as the stock quickly gets noticed by investors who have been heavily accumulating in recent days. Trading has been heavy in recent days easily topping $5 million in daily trading volume and much more on some days. 88 Energy operates 200,000 net acres at Project Icewine and 195,000 net acres at Project Peregrine, both targeting oil on 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. 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 just last week, a level it hasn’t traded at since 2018. EEENF has quickly attracted legions of new shareholders who are heavily accumulating at current price levels; this is a new era of penny stock speculators fueled by robinhood and its 100 million new trading accounts take on the bulletin boards. These are different times than just a few short years ago; now penny stocks such as TSNP can achieve a $6 billion plus market valuation and trade $375 million in dollar volume in a day on the bulletin boards. And TSNP has no stronger fundamentals than 88 Energy has. EEENF speculators, and there are a lot of them and growing larger by the day are looking for a return to previous highs and a powerhouse break over the $0.03 mark entering a serious “MDMP type” blue-sky breakout!   

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.  

EEENF (88 Energy) is focused on building a successful exploration and production Company that delivers value to its shareholders. The Company operates 320,000 net acres at Project Icewine and 195,000 net acres at Project Peregrine, both targeting oil on 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. 88 Energy also has oil leases in the Yukon and was recently awarded 15,312 acres in a historic area with major discoveries nearby. A 90-million-barrel resource has been identified. The Company is also the majority operator of 260,000 contiguous acres in Icewine, Alaska. Large oil and condensate discoveries were confirmed in 1Q2020 by the Charlie-1 well, further appraisal is planned to be funded by farm-out. The Company owns a number of subsidiaries including wholly owned XCD Energy Limited. 88E is listed in Australia, London and the USA as EEENF 

88E’s Project Peregrine is located in the NPR-A region of the north slope of Alaska and encompasses 195,000 contiguous acres. It is situated on trend to recent discoveries in a newly successful play type in topset sands in the Nanushuk formation. 88 Energy has a 100% working interest in this project that will reduce to 50% post the completion of funding as part of a recent farm-in, whereby 88E is carried on the first $US10 million. The Merlin-1 well was spudded on March 10 and is targeting 645 million barrels of gross mean prospective resource. Flow testing of Merling-1 is planned if wireline logging confirms a discovery. 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. 

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EEENF

In a recent update 88E 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/Anonymously808/status/1372430068895469573

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EEENF (88 Energy) has seen a massive surge of volume in recent days and is beginning to move northbound as the stock quickly gets noticed by investors who have been heavily accumulating in recent days. Trading has been heavy in recent days easily topping $5 million in daily trading volume and much more on some days. 88 Energy operates 200,000 net acres at Project Icewine and 195,000 net acres at Project Peregrine, both targeting oil on 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. 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 just last week, a level it hasn’t traded at since 2018. EEENF has quickly attracted legions of new shareholders who are heavily accumulating at current price levels; this is a new era of penny stock speculators fueled by robinhood and its 100 million new trading accounts take on the bulletin boards. These are different times than just a few short years ago; now penny stocks such as TSNP can achieve a $6 billion plus market valuation and trade $375 million in dollar volume in a day on the bulletin boards. And TSNP has no stronger fundamentals than 88 Energy has. EEENF speculators, and there are a lot of them and growing larger by the day are looking for a return to previous highs and a powerhouse break over the $0.03 mark entering a serious “MDMP type” blue-sky breakout! 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. 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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2 COMMENTS

    • Great point. However, the spirit of the statement is correct, these are different times for otc many many stocks going from triple zeroes to multi dollars, maybe in 1999 this was normal but not for the last 20 years.

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