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88 Energy (88E) Says Geochemical Analysis Confirms Hydrocarbons, Shares Fall

Sam Boughedda trader
Updated 24 Jun 2021

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88 Energy drill site

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.

Should you invest in 88 Energy shares?

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.