The wait continues for definitive results from 88 Energy Ltd’s (LON:88E) Icewine-2 well in Alaska.
Shares in the junior oiler fell on Friday after it told investors that it is yet to reach the connection to the reservoir.
The company continues to recover fluids injected previously through fracking and a hydrocarbon flow has yet to be measured (other than gases associated with the process).
READ: 88 Energy gives Icewine-2 update
In a statement, 88 Energy said some 6,632 barrels of fluid have been recovered from the well, which represents around 24% of the injected fracking fluid (the target is at least 30%).
The rate of recovery has slowed in recent days though due to the optimisation of nitrogen lift operations – an intervention method designed to accelerate the rate of recovery.
88 Energy said it has now reduced the nitrogen injection rate slightly, which “should result in an increase in flowback of water and gas from the borehole”.
The flowback fluid that has been recovered is still primarily from the fracking operations, and salinity measurements are “not indicative” of connectivity to the main reservoir, in line with the firm’s expectations at this stage.
Fluid recovery operations at the well continue.
In afternoon trading, 88 Energy shares were down 8.4% at 1.53p.
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