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88 Energy release half year results, investors wait for more Icewine-2 news

Last updated: 10:32 04 Aug 2017 EDT, First published: 06:32 04 Aug 2017 EDT

Onshore oil drilling
No further feedback from Icewine-2 well was given

88 Energy Ltd’s (LON:88E, ASX:88E) interim results statement give investors very little in terms of new information as the operational hiatus in Alaska continues.

Last month, the company announced it was shut-in the Icewine-2 well, on Alaska’s North Slope, in a bid to improve the recovery of fracking fluid ahead of a planned production test. It had been in the middle of flow-back operations after fracking two zones in the HRZ shale.

Prior to the shut-in, around 16% of the stimulation fluid has been recovered.

No further feedback from Icewine-2 well was given in the results statement.

Financially, the company reported a loss of US$7.84mln for the six months period ended June 30.

It ended the half with US$31.55mln of cash on hand.

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