Energy News Today

88 Energy Limited shares rocket for unknown reason

88 Energy Limited () shares rocketed in late-afternoon trading on Monday, although the company said it is not aware of any specific reason for the increase.

The AIM-listed firm instead reiterated its announcement from March 11 that drilling has now begun on the Merlin-1 exploration well in the North Slope area of Alaska.

READ: 88 Energy confirms spud of Merlin exploration well in Alaska

In the announcement, the company detailed that initially the well will be drilled to 1,500 feet at which point surface casing and blow-out preventer will be installed. This is due to take a week, before drilling then resumes down to a maximum target depth of around 6,000 feet. That phase of drilling will last for three to five days.

The well will subsequently be flow tested, subject to the initial results from wireline logging. 88 Energy also noted that its contribution to Merlin’s costs is expected to rise to around US$4mln, from prior estimates of US$1.4mln, with the company putting the blame on delays associated with US President Biden’s Executive Order, which impacted permitting, along with adverse weather.

The company’s shares shot up 84.2% to 1.5p shortly before 3pm.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is…

In exchange for publishing services rendered by the Company on behalf of 88 Energy Ltd named herein, including the promotion by the Company of 88 Energy Ltd in any Content on the Site, the Company receives from said…


Read More: 88 Energy Limited shares rocket for unknown reason

2021-03-15 09:59:00

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
%d bloggers like this: