88 Energy Ltd (EEENF) Stock Sees Interesting Move: Up 65% This Week
The oil and gas company 88 Energy Ltd (OTCMKTS:EEENF) has made a roaring in the markets over the past week and it has continued this morning, as the stock jumped by 19%. Yesterday, the 88 Energy stock had gone up by 25% and at this point, it is sitting on gains of 65% over the past week.
There has been no news about the company in recent times and hence, in light of the latest rally it might be necessary to look into a major development from back in June. On June 21, it emerged that the company reached an agreement to sell its Alaskan oil and tax credits for a sum of $18.7 million.
It might not seem like a huge amount but it is significant for 88 Energy, which is a relatively small operators. The company revealed at the time that it was going to use the proceeds to pay off its debt to the tune of $16.1 million.
The debt that it owes to FSA Advisors is all set to mature in December 2022 and paying it off in advance is a significant achievement. 88 Energy stated that it was going to use the rest of the money to strengthen its cash balance.
Market Action:
As of 10:29, EEENF stock soared 18% to $0.033 with more than 327.88 million, compared to its average volume of 190.28 million shares. The stock has moved within a range of $0.0310 – 0.0359 after opening the trade at $0.320.
