88 Energy (OTCMKTS:EEENF) Stock Sees Solid Momentum At Lower Level: Now What?
88 Energy (OTCMKTS:EEENF) has jumped 35% in two weeks, and the shares continue to show strong moves witnessed in the past few days. Interestingly, the robust momentum hasn’t gone unnoticed by enthusiastic investors, with daily trading volumes exceeding EEENF’s average daily trading volume of 200 million.
What is driving the fanfare surrounding the stock is the announcement that the company had fully repaid its debt. The company repaid the debt using proceeds for the Alaskan gas and oil tax credits sale.
The company repaid the debt in full, which was around $16.1 million, with the remaining amount of the $18.7 million from the sale of the credits going into bolstering the company’s cash position and as working capital. The other announcement pushing shares up is the issuance of 204,000,000 fully repaid common shares at $0.26 per share. The issuance is connected with the agreement to purchase a 50% stake in Project Peregrine. So, in the coming months, EEENF is a stock to watch.
Market Reaction:
On Friday, EEENF stock went up 6% at $0.0270 with more than 168.38 million shares, compared to its average volume of 177.18 million shares. The stock had moved within a range of $0.0243 – 0.0287 after opening the trade at $0.0260. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.2000.
