88 Energy (88E ) announced that it has gained access to the world’s largest investment market with its shares expected to begin trading on the US-based OTCQB Market today.
The new listing marks the third global market listing for the Alaskan-based explorer.
88 Energy’s primary listing will continue to be the Australian Securities Exchange (ASX), with its secondary listing remaining the AIM market of the London Stock Exchange in the UK.
The company reiterated to investors today that it had sought a OTCQB quotation to provide North American investors with enhanced accessibility and liquidity in trading of its shares.
It explained that the quotation delivers 88 Energy access to one of the largest investment markets in the world at relatively nominal cost compared to traditional major exchanges.
Commenting, Managing Director of 88 Energy Ashley Gilbert, told investors: “The OTCQB quotation provides 88 Energy with access to the world’s largest investment market.
Given 88 Energy’s portfolio of oil and gas assets is focused solely on the North Slope of Alaska, it was an obvious next step to upgrade to the OTCQB market, especially given the strong trade in 88 Energy stock through the OTC pink sheets throughout 2021.”
He said 88 Energy is “at an exciting stage with the anticipated spud of the Merlin-2 appraisal well in February 2022, as well as the significant activity planned across our portfolio in 2022, so we are excited to be broadening our exposure in the global investment community.”
He added that by joining the OTCQB Market, the company will be matched with an active investor engagement program, to ensure its investment case and growth prospects “are well understood amongst all current and prospective shareholders in 88 Energy.”
The drilling of Merlin-2, which is located at 88E’s 100% owned Project Peregrine in the NPR-A region of the North Slope of Alaska, follows the successful drilling of Merlin-1 earlier this year. Permitting and planning for Merlin-2 remains on track for scheduled spud in February 2022.
The Merlin-2 well, which is scheduled for drilling in February 2022 using the contracted Arctic Fox rig, is located east and downdip of the successful Merlin-1 well. This location is expected to encounter thicker reservoir sections and higher permeability / porosity sands, it reported.
The Alaskan-focused explorer has informed investors that the Merlin-2 appraisal well is planned for a total depth of 8,000 feet, and is targeting 652 million barrels of oil in the highly prospective N18, N19 and N20 targets that were encountered in the successful Merlin-1 well
In March 2021, the Merlin-1 well was drilled to a depth of 5,267 feet. This demonstrated the presence of oil in these multiple stacked sequences in the Brookian Nanushuk Formation.
The remaining two locations, together with the permitted Harrier-1 location, can be drilled in future as part of an extended drilling program to assess the full potential of Project Peregrine.
A production testing program for the Merlin-2 well has been designed and will be on standby during initial wellsite operations. 88E said the production test is contingent upon the wireline program results, in particular the MDT results, and government approvals. The program and length of the test will be subject to operational, funding and weather window considerations.
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