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(Alliance News) - 88 Energy Ltd said on Monday it had found more evidence of oil at its Merlin-1 well in Alaska.
Samples taken from the well showed fluorescence and cut which are both indicators of oil.
Last week the oil-exploration company provided encouraging results from the Merlin well but equipment failure prevented hydrocarbon samples from being taken.
The AIM-listed firm told investors that a schedule of expected results will be released in the coming days once analyses are confirmed.
88 Energy shares rose 16% to 1.60 pence in London on Monday afternoon, reversing some of last week's losses. The stock has more than tripled so far in 2021, from 0.46p on December 31, 2020.
"The sidewall core photos provide further evidence of the presence of oil over multiple horizons in the Merlin-1 well," Managing Director David Wall commented.
"Whilst these results are confirmatory of the cuttings data and were expected, it is reassuring to see"
Australian-headquartered 88 Energy specialises in onshore oil exploration primarily in Alaska.
By Will Paige; willpaige@alliancenews.com
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