88 Energy Ltd (AIM:88E, ASX:88E) (AIM:88E) interim results confirmed a healthy financial position, with the Alaska explorer ending the first half debt free and with A$14mln in the bank.
It also told investors to expect comprehensive Merlin-1 well results and interpretation to be released imminently.
During the period, the company continued the analysis of the Merlin-1 well at Project Peregrine, after its drilling programme concluded in March.
The company was active on the corporate front, picking up the Umiat oil field (adjacent to Peregrine) in January and in June striking a deal to take full ownership of Peregrine. In the same month, the company agreed the sale of its Alaskan tax credits for US$18.7mln in cash.
It ended June 30 with A$14mln and in the subsequent period received a US$5mln cash call related to the Merlin well operations.