The AIM-quoted exploration share opened around 40% higher on Tuesday.
Shares in (LON:88E, ASX;88E) are soaring whilst the explorer awaits the result of a new well in Alaska.
In Tuesday’s early deals the AIM-quoted share is priced up 0.47p or 42% changing hands at 1.57p.
It comes after an update on Monday which provided a drilling update and the news that a contractor on the well programme had taken up shares in the company.
READ: 88E adds capital as Merlin drills ahead to targets
The Merlin well is now being drilled down towards its primary Nanushuk targets, the company said.
Managing director Dave Wall, meanwhile, hinted at a potentially short remaining timeline for the well.
“We wish all our shareholders good fortune over the coming days,” he said.
88 Energy at the same time announced that it had entered into a share subscription deal with ELKO International, a contractor in the live drill programme. ELKO is buying 360mln new shares at a price of 1.8 cents per share, to raise $6.48mln.
The company highlighted that the price was marked at a 225% premium to a prior placing which ran in February.
Read More: 88 Energy Ltd shares soar ahead of anticipated Merlin well results