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Why the 88 Energy Ltd share price just sank 21%

oil, gas, rig, resources, mining

One of the worst performers on the market today has been the 88 Energy Ltd (ASX: 88E) share price.

In afternoon trade the energy company’s shares are down 21% to 3.4 cents.

Why have its shares sunk lower?

This morning 88 Energy provided the market with an update on its Project Icewine operation located onshore in Alaska.

While the update was reasonably standard and as expected from this stage of drilling, it appears as though some day traders were looking for stronger drilling results.

Which isn’t a surprise given the way its shares exploded higher last week. Today’s gain has now wiped out last week’s gains, meaning its shares are flat over the five-day period.

Year-to-date things aren’t quite as good though. 88 Energy’s shares are down 24% so far in 2017.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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