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EEENF Stock: The Big News Causing 88 Energy to Plummet A penny stock favorite of the Reddit trading crowd raised some questions about its oil drilling challenges Apr 6, 2021, 8:19 am EDT April 6, 2021
88 Energy Limited (OTCMKTS:
EEENF) to tank this morning, as they follow the more-than-65% drops of the London and Sydney-listed shares of the Australian oil explorer. What’s behind the expectations for EEENF stock today?
Source: FreezeFrames / Shutterstock.com
It wasn’t the “good news” part of its earlier update on its Peregrine project in Alaska’s National Petroleum Reserve. Last week the company announced it had detected potential hydrocarbon-bearing zones while conducting drilling operations for Peregrine.
Alaska Won’t Let Biden Stop Its Oil Boom New discoveries in Alaska by an Australian independent could provide hope for bigger oil finds yet to come in the country’s National Petroleum Reserve. Australian independent oil firm 88 Energy has been making strides in its Alaska project in recent weeks announcing an oil discovery in its Merlin-1 exploration well in the southeast National Petroleum Reserve-Alaska. Further testing will show the full extent of the discovery.
88 Energy is predicting a potential 650 million barrels of oil at Merlin-1 based on its current information. This would mean the oil-bearing geologic formation, Nanushuk, is much larger than originally thought.
Follow RT on Alaska s oil industry has seen a string of new discoveries and planned developments in recent months.
New discoveries in Alaska by an Australian independent could provide hope for bigger oil finds yet to come in the country’s National Petroleum Reserve.
Australian independent oil firm 88 Energy has been making strides in its Alaska project in recent weeks announcing an oil discovery in its Merlin-1 exploration well in the southeast National Petroleum Reserve-Alaska. Further testing will show the full extent of the discovery.
88 Energy is predicting a potential 650 million barrels of oil at Merlin-1 based on its current information. This would mean the oil-bearing geologic formation, Nanushuk, is much larger than originally thought.
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