88 Energy Ltd (ASX:88E,AIM:88E) is the most active stock on the ASX in morning trade, and within the first 45 minutes, 46 million shares have changed hands.
The stock is off 24.2% to $0.025.
The high activity trading came after the company provided an update from Project Icewine, located onshore North Slope of Alaska.
The Icewine#2 well was shut-in on 10th July to allow for imbibition and pressure build up to occur within the HRZ shale.
Flow testing re-commenced on 31st August and was suspended on 18th September.
Dave Wall, managing director, commented:
"Whilst it is frustrating to have to wait over the Winter season for the continued flow test of the HRZ, there are several encouraging signs observed from this most recent phase of testing.
"Given the early stage nature of our appraisal program, we need to have patience and remain open minded as there is no benchmark against which to track the progress of this particular unconventional play."
Company Name · Code · Last · Change · Volume
88 Energy Ltd · 88E · $0.025 · -24.24% · 46,245,258
Norwest Energy NL · NWE · $0.006 · -25% · 22,396,641
Anson Resources Ltd · ASN · $0.025 · -10.71% · 22,175,905
AVZ Minerals Ltd · AVZ · $0.099 · -5.71% · 13,717,235
Telstra Corporation · TLS · $3.570 · -0.83% · 12,056,258
Thred Ltd · THD · $0.009 · 28.57% · 10,550,941
Xstate Resources Ltd · XST · $0.012 · 20% · 9,703,824
Red Mountain Mining Ltd · RMX · $0.016 · 6.67% · 8,847,209
Atlas Iron Ltd · AGO · $0.017 · -5.56% · 8,760,357
Patrys Ltd · PAB · $0.024 · 4.35% · 8,733,927