Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for macroeconomic analysis.
88 Energy (LON: 88E) provided an update on its operations on the North Slope of Alaska on Thursday, stating that geochemical analysis of fluid extracts from selected core samples demonstrated the presence of hydrocarbons.
According to a statement released by the group, the depths were among the prospective zones that could not be tested with the RDT downhole fluid extraction tool.
“These zones also correspond with depths where good oil shows were noted during drilling,” they stated, also labelling the results as “highly encouraging”.
There is still further quantitative screening on remaining samples to commence, while phase two of side-wall core trim analysis will begin soon, including quantitative extraction, SARA, isotopes and biomarker analysis.
Despite the company being encouraged by the results, 88 Energy's share price has fallen 3.28% to 1.238p so far today.
88 Energy shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are 88 Energy shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .