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88 Energy Ltd (OTCMKTS:EEENF) Stock Surges 40% But Can’t Hold Gains

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The oil and gas company 88 Energy Ltd (OTCMKTS:EEENF) seems to have come back on to the radars of investors over the course of the past 7 days.

88 Energy stock (OTCMKTS:EEENF) has managed to clock gains of as much as 40% over the past week and has since pulled back. Let’s take a closer look at some of the recent developments.

Last Wednesday, 88 Energy stock was on the move once again after the company announced that it discovered more upside to its Umiat oilfield, which is located in Alaska. However, that is not all. 88 Energy was also given an extension of 24 hours within which the company would need to come up with an optimized development plan for the oilfield.

In the announcement made by the company yesterday, it stated that it had conducted additional research at the oilfield and that was when the extra upside had been revealed.

The company added that the footwall at Umiat has only been drilled for one well and that was back in 1952. Hence, the company believes that there could be more upside at Umiat and that has also sparked considerable positivity among investors about the 88 Energy stock.

More importantly, the company has now been granted an extension of as long as two years within which it can fulfil its obligations. The extension is going to allow the company to further take forward its understanding of the acreage that is there at the site.

Now that it has got the extension, 88 Energy stated that it is going to go through the historic scoping studies at the Umiat oilfield and look into the possibilities about the alternative scenarios. Investors could do well to add the stock to their watch lists at this point and see what happens when the dust settles.

Disclaimer: We hold no shares of EEENF stock.

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