StockMarketWire.com - 88 Energy said testing of a key oil well in Alaska had returned disappointing results, sending its shares tumbling 36%.
The company had previously reported encouraging 'potential' pay zones at the Winx-1 prospect.
However, on Wednesday it said wireline logging indicated 'low oil saturations' and reservoir quality that was insufficient to warrant production testing.
88 Energy was the operator of the well and counted Red Emperor Resources and Pantheon Resources as non-operating partners.
At 9:58am:
(LON:88E) 88 Energy Ltd share price was -0.5p at 0.83p
[LON:RMP] Red Emperor Resources share price was -4.23p at 0.85p
Story provided by StockMarketWire.com
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