88 Energy (ASX:88E, LON:88E) shares climbed on Wednesday after it revealed better than expected results from tests on samples taken from the recently drilled Icewine-1 well, in Alaska.
Shares closed at $0.01, after opening at $0.007.
The company said that permeability tests on samples recovered from the HRZ shales in the Icewine-1 well exceeded expectations and porosity readings were at the upper end of expectations.
In the words of 88 Energy, these findings cross off two of three potential ‘Achilles heels’ of its new HRZ shale play.
Moreover, it highlighted that for two samples the permeability reading was beyond the parameters of standard measuring techniques, which according to 88 Energy, indicates the possible presence of ‘permeability super highways’.
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