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88 Energy Ltd - Alaska-focused oil exploration and appraisal company - Post-well evaluation at Merlin-1 well shows presence of oil in N20 and N18 targets. Analysis finds the oil has API gravity, a measure by American Petroleum Institute, between mid-30 to low-40 API, meaning it is light oil. "Given the up-dip location of the Merlin-1 well with respect to the N20, N19 and N18 reservoirs, hydrocarbon shows and sand quality at this location was consistent with pre-drill expectations," 88 Energy says.
Current stock price: 2.62 pence, up 11% on Monday
Year-to-date change: up sharply from 0.46p on December 31
By Eric Cunha; ericcunha@alliancenews.com
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