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88 Energy shares plunged significantly on ASX, Here’s why?

Mar 30, 2022

Key Takeaways:

  • 88 Energy shares dropped on the ASX after the wireline logging results were released.
  • The interim examination of the wireline logging program identified that reservoir quality at this site was inadequate to warrant a production test.
  • Forward operations for the Merlin-2 well will look into plugging & deserting the well along with  starting release from the drilling site.

88 Energy Limited (ASX: 88E) shares have plunged significantly on the ASX post announcement of the wireline logging results. At AEDT 1:23 PM, 88E shares dropped 50% and were trading at AU$0.016. The prices reached near their 52-week low prices.

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