What could be causing a sudden increase? – Own Snap
On June 30, the value of 88 Energy (EEENF) stock was $ 0.0222. 3 days later, on July 2, the stock was valued at a much higher rate, equal to $ 0.035. This unexpected increase is equal to 57%. Over the past 5 days, 88 Energy (EEENF) stock has been up. Analysts expect 88 Energy (EEENF) stock to rise in the future. Here’s why :
The first key announcement that inflates the NACSES stock is significant. 88 Energy has just announced the full repayment of its debt. This debt repayment was made possible by the proceeds from the sale of oil and gas tax breaks in Alaska. The company was able to fully repay its debts, which amounted to $ 16.1 million. In addition, the remainder of the $ 18.7 million raised through the sale of these loans will go towards working capital and increasing the company’s cash flow.
For a small energy player like 88 Energy, this news is very optimistic. These companies usually don’t have a lot of cash. However, 88 Energy’s newly acquired debt-free status provides enhanced options going forward. 88 Energy also announced the issuance of 204 million fully paid common shares at $ 0.026 per share. This issue was linked to the company’s agreement to acquire a 50% stake in the Peregrine project. Considering the positive drilling results observed by 88 Energy on the Alaskan Peregrine project, investors appear to be appreciating the upside potential of equity issuance.
Finance and entertainment journalist
Richard is a bottle of wine – the older it is, the sweeter it is. He’s already found the most enjoyable hobby writing entertainment and finance news for Own Snap. Readers regularly receive updated messages from him looking for real-time news.