The oil and gas exploration company is currently fetching 1.6 cents per share, up 6.67% from its previous close.

The notable move upward follows a production update from 88 Energy regarding Project Longhorn.

From ASX exploration energy share to producer

After a relatively disastrous start to the year, 88 Energy shares are experiencing a bounceback on Tuesday. The latest production update appears to have given investors something to get excited about once again.

In its update, the company has provided the first glimpse into the acquisition of Texas oil and gas assets in the Permian Basin — Project Longhorn. Notably, the deal struck in February for US$9.7 million has officially turned 88 Energy into a producer.

Specifically, Longhorn has surpassed 400 barrels of oil equivalent (BOE) per day gross at the end of March. Moreover, this milestone production metric represents more than a 30% increase in production since the small-cap ASX energy share took over the oil and gas assets.

Highlighting the impact of this, the company stated:

The production increase provides additional direct exposure to the higher WTI oil price environment and accelerates payback on both the acquisition of the assets and the capital investment in the work-overs.

Project Longhorn has exceptionally low operating costs (lifting costs), which provides high margins from production.

Lastly, investors are likely salivating at the proposition of 88 Energy deriving revenue from operations. Today, the company stated it received its first payout from Project Longhorn, which came to $0.6 million. This was net of operational and capital expenditure, as well as splitting with co-owner Lonestar I LLC.

How has 88 Energy performed lately?

Prior to March, shares in this ASX-listed energy company were performing remarkably well. In fact, 88 Energy had returned around 400% in a one-year timeframe. However, news of an oil no-show in its target zone of the Merlin-2 well sent shares spiralling downwards on 30 March.

Now, ASX-listed 88 Energy is down 36% compared to this time a year ago.

The post 'Highly encouraged': Why this ASX energy share is soaring 7% today appeared first on The Motley Fool Australia.

88 Energy shares closed yesterday at 1.4 cents and are currently trading at 1.6 cents.

That gives the ASX oil and gas company a market cap north of $238 million.

So, what's driving investor interest today?

What resource update was announced?

The 88 Energy share price is charging higher after the company updated the market on the ongoing assessment of its Project Icewine acreage.

Project Icewine, located on the central North Slope of Alaska, covers some 195,000 acres of highly prospective oil and gas territory.

The ASX energy share said that preliminary third-party mapping of 88 Energy's Shelf Margin Delta (SMD) play "indicates extension of the SMD play fairway", onto its Project Icewine leases. The company noted that Pantheon Resources has had "significant success" on its neighbouring lease over the past few months.

According to the release:

The source rocks (GRZ/HRZ) for the Brookian plays within the Project Icewine area are modelled to be within the oil mature window, with historical wells reporting abundant oil shows and interpreted oil saturations from electric log data.

88 Energy also noted that testing undertaken by Pantheon in a well drilled only 2.8 miles (4.5km) north of the Project Icewine "confirmed reservoir deliverability of light, sweet oil".

Also potentially spurring ASX investor interest today, and helping send up the 88 Energy share price, was the report that mapping of the company's Seabee Lower Basin Floor Fan and Slope Fan System are close to complete.

Shareholders awaiting the independent resource update for Project Icewine were informed this is expected to be done in Q2.

88 Energy share price snapshot

Despite today's big boost, the 88 Energy share price remains down 47% in 2022. By comparison, the All Ordinaries Index (ASX: XAO) is down 2% year-to-date.

The post Here's why the 88 Energy share price is rocketing 14% today appeared first on The Motley Fool Australia.

If you were to simplify what investors want to achieve into one short sentence, it would probably be something along the lines of — "find and invest in the big winners while avoiding the big losers".

And so, we found the best and worst performers of the All Ordinaries in March to offer some reflection.

Lithium developer takes out the top spot among All Ordinaries

It's hard to beat a company whose shares have skyrocketed 108% in a single month. Though it might be hard to believe, that is exactly what lithium developer Lake Resouces N.L (ASX: LKE) achieved in March.

Taking a look at what the company got up to during the month, you might begin to see what instilled such excitement among shareholders. For instance, Lake Resources found itself being added to the S&P/ASX 300 Index (ASX: XKO).

In addition, the company raised $39 million through the execution of its at-the-market subscription agreement with Acuity Capital.

Finally, on 29 March this ASX All Ordinaries share announced it had linked up with Japan-based Hanwa Co Ltd. According to the announcement, an offtake proposal of 25,000 tonnes of lithium carbonate per annum had been made. Furthermore, Hanwa suggested it was considering a meaningful equity investment in Lake Resources.

Missing the target in March

Not every ASX All Ordinaries share could be as fortunate as Lake Resources. For 88 Energy Ltd (ASX: 88E), it was a plain painful month — where did it all go wrong for the oil explorer? It's time for some more reflection.

Unfortunately, 88 Energy released a company update on 30 March which sent shareholders running. As per the announcement, 88 Energy was unable to obtain fluid samples from its target zones in the Merlin-2 well, situated in Alaska.

The news douses investors' hopes of striking a well rich with oil. In turn, this ASX All Ordinaries share shaved off 63% in March.

The post Guess which 2 ASX shares were the best and worst All Ordinaries performers in March appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

88 Energy Ltd (ASX: 88E)

The 88 Energy share price has crashed 50% to 1.65 cents. This follows disappointing results from the Merlin-2 wireline logging program. The results from the wireline program have demonstrated that target zones have lower than anticipated porosity/permeability, resulting in difficulty obtaining fluid samples of any significance.

Gold Road Resources Ltd (ASX: GOR)

The Gold Road share price is down 2% to $1.62. Investors have been selling this gold miner's shares after Bell Potter downgraded them this morning. According to the note, the broker has downgraded Gold Road's shares to a hold rating with a $1.70 price target. It made the move on valuation grounds after its shares appreciated significantly since the start of February.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price has fallen 2% to 52 cents. This morning Macquarie responded to the pharmacy chain operator's full year results by maintaining its neutral rating but cutting its price target to 52 cents. Macquarie highlights that management has advised that Sigma's ERP software implementation is having issues.

Star Entertainment Group Ltd (ASX: SGR)

The Star share price is down 1.5% to $3.21. Investors have been selling this casino and resorts operator's shares after it revealed that it has been hit with a class action. According to the release, Slater & Gordon Limited (ASX: SGH) has served Star with a claim alleging that the casino operator failed to comply with continuous disclosure requirements and engaged in misleading or deceptive conduct between 29 March 2016 and 16 March 2022.

The post Why 88 Energy, Gold Road, Sigma, and Star shares are dropping appeared first on The Motley Fool Australia.

The company's shares are currently swapping hands at 16 cents apiece, a 51.5% fall. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.74% at the time of writing.

So what news did this ASX energy share deliver to the market?

Merlin-2 well results 'disappoint'

88 Energy is an oil exploration company with projects on the Alaskan Central North Slope and Permian Basin in Texas, United States.

Today, the company advised it was unable to obtain fluid samples from target zones in the Merlin-2 well in Alaska. This was despite encouraging oil shows and logging while data drilling.

Initial wireline logging analysis showed reservoir quality at the well is "insufficient" to justify a production test".

The main objective of the Merlin-2 well operations was to collect hydrocarbon samples from the target zones. However, this was not to be due to the tightness of the formation at the location.

Future operations at the Merlin-2 well will involve plugging and abandoning the well and leaving the drilling area.

Commenting on the results, managing director Ashley Gilbert said:

We appreciate that this result will be disappointing news for shareholders, in particular that we were again unable to obtain a fluid sample at surface or perform a flow test.

However, we will now take the necessary time to fully analyse the data from the Merlin-2 well. This will provide a basis upon which the company can provide further updates on the future potential appraisal program for the Project Peregrine acreage.

In 2021, the company paid off US$16.1 million in debt from the sale of Alaskan oil and gas tax credits. Speaking on the financial position of the company today, Gilbert added:

88 Energy remains in a strong financial position, post the Merlin-2 well, with zero debt and a healthy cash balance that will be further strengthened with projected cash flows from the recently acquired portfolio of Texas production assets, project Longhorn.

Share price snapshot

The 88 Energy share price has gained dropped 62% in a year, sliding 34% year to date.

For perspective, the S&P/ASX 200 Index (ASX: XJO) index has returned about 12% over the past year.

The company has a market capitalisation of about $262 million based on the current share price.

The post This ASX energy share just plunged 52%. Here's why appeared first on The Motley Fool Australia.

The price movement coincides with updates on two of the oil and gas explorer's Alaskan projects — including a rig mobilisation and an oil interception.

At the time of writing, the 88 Energy share price is up 2.08% today at 4.9 cents. That's a 28.9% gain on last Friday's closing price of 3.8 cents. For comparison, the All Ordinaries Index (ASX: XAO) is currently down 0.17%.

So, what's going on with 88 Energy?

Icewine oil obtained

The company's Project Icewine site is located in the North Slope of Alaska — an area pertaining to about 195,000 acres in which the company has a 75% stake.

Today, the oil explorer announced that light oil had been "recovered" during tests at the neighbouring Pantheon Resources' Talitha-A well.

As the Pantheon well is located 2.8 miles north of Icewine, 88 Energy says "all targets are interpreted to extend into 88 Energy's Project Icewine acreage".

The data from Pantheon, along with results obtained last year, will go into an "independent resource report for Project Icewine focusing on the eastern leases in the first half of 2022".

Peregrine site update sparks 88 Energy share price jump

On Tuesday, the oil explorer gave an update into its Project Peregrine site — more specifically, its Merlin-2 well — also located in the same region of Alaska.

The well was initially spudded (drilled) in March last year, with drilling operations completed the following month.

A rig has been mobilised for drilling next week. It will be initially dug to a depth of 2,000 feet, with permission to extend to 8,000 feet.

88 Energy said a well production test has been implemented, with "equipment placed on standby during initial well site operations".

Further, 88 Energy reported:

Flow testing of Merlin-2 will be contingent upon the wireline results, in particular the MDT outcomes, as well as government approvals and weather window considerations.

The company has a 100% working interest in the site.

The 88 Energy share price surged 9.5% on the day of the announcement, and 13% the following day.

What did management say?

Commenting on the Peregrine update, 88 Energy managing director and CEO Ashley Gilbert said:

We are now entering the final phase of pre-spud preparations and look forward with excitement to the next few weeks of drilling operations.

Success at Merlin-2 has the clear potential to be transformational for our shareholders and we look forward to providing updates as the drilling of this appraisal well progresses.

88 Energy share price performance

Over the past 12 months, the 88 Energy share price has increased by 380%. It saw a jump of 135% over four days in April last year after the explorer released an update on its Peregrine site.

Its shares have also soared by 92% this year to date.

The company has a market capitalisation of $762.48 million.

The post Why the 88 Energy (ASX:88E) share price has jumped 29% in a week appeared first on The Motley Fool Australia.

The company's shares are halted at their previous closing price of 3.2 cents.

According to the oil and gas company's request for the trading halt, it's planning to announce news of a capital raise this week.

Let's take a closer look at 88 Energy's upcoming capital raise.

Why are 88 Energy's shares frozen?

The 88 Energy share price is on ice today as the company prepares to announce news of a capital raise.

88 Energy expects its share price will remain stagnant until Thursday morning at the latest.

The capital raise will be 88 Energy's second this year. In February, it raised $12 million in a placement. As part of the placement, sophisticated and institutional investors could get their hands on a piece of 88 Energy for 0.8 cents.

The 0.8 cent price tag represented a 27% discount on the 88 Energy share price's prior close of 1.1 cent.

Most of the funds from the February cash raise were earmarked to go towards the Project Peregrine's Merlin-1 well, along with its holding in the project's Harrier-1 well.

The obvious question regarding 88 Energy's soon-to-be-announced capital raise is: what does it need the extra cash for now?

In the company's recent half-year results, released earlier this month, it noted it has around $14.8 million of cash in the bank.

Additionally, 88 Energy paid off US$16.1 million of debt using funds from the sale of its Alaskan oil and gas tax credits in July. It is now debt-free.

However, earlier this month 88 Energy confirmed it has found light oil at Merlin-1. It also recently announced good news of its Umiat oil field. Finally, it was granted 100% of Project Peregrine's working interest in July.

Perhaps the market could soon be wowed with a flurry of activity from 88 Energy. It does appear to be primed to make moves on its big-ticket projects.

All may be revealed sometime between now and Thursday morning.

The post Here's why the 88 Energy (ASX: 88E) share price is frozen today appeared first on The Motley Fool Australia.

Shares in the energy company are flying more than 32% higher after releasing an update earlier today.

Let's take a look at why investors are bidding the 88 Energy share price higher today.

88 Energy share price soars on oil results

The 88 Energy share price has taken off after the company confirmed the presence of light oil at its Merlin-1 well.

According to the update, post well evaluation successfully demonstrated the presence of oil in the N20 and N18 targets.

88 Energy also noted that a new target well (N19), also returned a strong hydrocarbon signature following geochemical analysis.

The update noted that wireline analysis and core data correlated to 41 feet of net log pay across the 3 reservoir intervals.

Geochemical analysis of cores from the intervals also indicated the presence of light oil. Analysis of the cored returned an estimated API gravity between mid-30 to low 40's.

88 Energy's management highlighted promising results and noted plans for an appraisal well for the first quarter of 2022.   

Snapshot of the 88 Energy share price

88 Energy is an Australia based oil and gas explorer. The company has numerous exploration Projects and prospects with oil potential.

88 Energy is the operator of Project Peregrine in Alaska holding a 100% working interest in the acreage. The company's Merlin-1 well at Project Peregrine was drilled in March 2021 to a depth of 5,267 feet.

Overall, the 88 Energy share price has had an extremely volatile year thus far.

After opening the year below 1 cent per share, the 88 Energy share price bolted to a high of 9.6 cents in April.

Since then, shares in the oil explorer have tumbled.

The 88 Energy share price recently received a boost after providing an update on its Umiat oil field.

At the time of writing, shares in 88 Energy are trading more than 20% higher for the day at 5.3 cents. Shares in the company were up more than 32% earlier, after hitting an intra-day high of 5.6 cents.

Overall, the 88 Energy share price remains more than 529% higher for the year.

The post Here's why the 88 Energy (ASX:88E) share price is flying 32% higher today appeared first on The Motley Fool Australia.

Below we take a look at the ASX energy share's latest oil field update.

What update did 88 Energy report?

The 88 Energy share price is soaring after the company updated the market on its Umiat oil field in the US state of Alaska.

According to the release, new studies conducted in conjunction with its Merlin-1 post well testing and analysis "have identified additional upside" at the Umiat oil field.

This comes after the oil field lease holder Emerald House, a wholly owned subsidiary of 88 Energy, received a data pack on the region that included the Umiat 3D seismic data. Before that, the company only had data interpreted from 2 seismic lines across the Umiat structure.

Other tailwinds

The 88 Energy share price may also be getting lifts after it reported that Emerald House had received approval from the US Bureau of Land Management (BLM) to defer its Umiat Year 2 Unit well commitment by 24 months. That commitment has now been pushed back to 31 August 2023.

The company said the extra time would enable it to optimise its plan for full field development. That includes looking into potential synergies with the Project Peregrine plans.

It also needs extra time to review the "extensive amount of historical data" it received from the sellers of the Umiat oil field. Potential development cost savings have been identified in studies already underway reviewing historical Umiat development plans.

88 Energy entered into an agreement to acquire the Umiat oil field on 8 January 2021 via its wholly owned subsidiary Emerald House. According to the company:

Umiat is a known oil field of high quality (38-degree API) crude at shallow depth. It is covered by two leases comprising 17,633 acres, which are in a unit that was formed in September 2019 with an initial 10-year term.

88 Energy share price snapshot

The 88 Energy share price has been on a tear this year, up an eye-popping 400% since March 2021. By comparison the All Ordinaries Index (ASX: XAO) has gained 26% over that same time.

The post Why the 88 Energy (ASX:88E) share price is rocketing today appeared first on The Motley Fool Australia.

Let's look at the biggest movers and shakers among ASX 200 shares today, based on trading volumes.

The ASX 200 shares that saw the most trading today

Alumina Limited (ASX: AWC)

Alumina was the most heavily traded ASX 200 share on the boards today, with a very heavy 19.96 million shares finding their way around the market.

This aluminium/alumina producer saw a fair level of volatility during today's session.

Alumina shares opened strongly and were up more than 1.2% at one point. But by close of trade, the company had given up all of those gains to finish at $1.63 — the same closing price as yesterday.

Telstra Corporation Ltd (ASX: TLS)

Telstra was another top volume ASX 200 share today. A substantial 19.25 million shares traded hands but the price only moved 0.8% up to $3.79.

This ASX 200 share has had a heck of a week. Telstra shares rocketed 4.6% on Wednesday to hit a new 52-week high and remain up 5.42% over the past 5 trading days.

Telstra's Wednesday announcement that it will be selling off half of its mobile towers business seemed to be the underlying catalyst here.

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price had a fantastic day, gaining a robust 5.16% to finish the session at $6.52. This is probably why 12.46 million shares were traded.

As my Fool colleague covered this morning, A2 has been the recipient of some broker love recently, which might have contributed to this large trading volume, too.

The A2 Milk share price is still down 43% year to date, but it's also up more than 27% since its most recent low on 19 May.

A non-ASX 200 honourable mention

Although 88 Energy Ltd (ASX: 88E) is not an ASX 200 share, it is still worth mentioning today. Why? Well, because a mind-boggling 597.7 million 88 Energy shares were traded today.

This probably contributed to the 88 Energy share price shooting up by close to 40%, which I invite you to read all about!

The post 3 ASX 200 shares moving on the market today appeared first on The Motley Fool Australia.

The latest gains seem to be a reaction to 88 Energy completely repaying all its outstanding debt yesterday. However, yesterday's news was simply following up on an announcement 88 Energy made on 21 June.

To get a feel for today's mystery movement, let's take a look at what 88 Energy has been up to lately.

The month that's been for 88 Energy

Over the past 30 days, the 88 Energy share price has gained a whopping 76%. Here's all we've heard from the company last month.

More working interest

The first news we heard from 88 Energy last month came on 7 June, when the company announced it had decided to purchase the 50% of Project Peregrine's working interest it didn't already hold from its joint venture partner.

Project Peregrine is an oil field in Alaska.

The purchase cost 88 Energy $18 million, which it can pay in shares.

While the news seemed positive, it drove the 88 Energy share price to close 9% lower.

Debt free

Then, on 21 June, 88 Energy announced it was about to pay off its US$16.1 million of outstanding debt.

A subsidiary of the company held Alaskan oil and gas tax credits, valued at US$18.7 million.

The sale also boosted 88 Energy's coffers by US$2.6 million.

Additionally, the financier holding the company's debt waived all early repayment penalties.

Yesterday, 88 Energy confirmed the debt repayment was complete.

Positive test results

On 24 June, 88 Energy announced it had received encouraging results from preliminary tests at the Merlin-1 Well, located in Project Peregrine.

The tests showed oil within the well had no signs of biodegradation. They help to build on the company's knowledge of the quantity and mobility of the well's hydrocarbons, as well as the project's commercial potential.

New ESG measures

Finally, on 30 June, 88 Energy adopted the environmental, social, and governance (ESG) framework designed by the World Economic Forum to be the global standard.

88 Energy share price snapshot

The 88 Energy share price has been performing exceptionally well lately, gaining around 362% year to date.

It is also 640% higher than it was this time last year, when its shares were worth 0.5 cents.

The company has a market capitalisation of around $493 million, with approximately 13 billion shares outstanding.

The post The 88 Energy (ASX:88E) share price is up 23% today appeared first on The Motley Fool Australia.

Below we take a look at the ASX energy share's latest acquisition announcement.

What acquisition announcement did 88 Energy make?

88 Energy's share price is plummeting after the company reported it has entered into an agreement to acquire Alaska Peregrine Development Company's (APDC) 50% working interest in Project Peregrine, located in Alaska.

Once the acquisition is complete, 88 Energy will hold a 100% working interest in Project Peregrine.

The company said the agreement will enable it to continue exploring for oil at the site next winter, whereas APDC was considering a pause in exploration as it analyses results from Merlin-1.

Under the agreement, 88 Energy will pay APDC US$14 million (AU$18 million), payable in its shares and subject to certain stipulations. APDC will also receive 1.5% overriding royalty interest on future production from the Project Peregrine licences and a US$10 million cash payment "on the achievement of gross 2P reserves of 100 million barrels within 36 months".

According to the release, APDC will also receive:

• Cash payments of US$2.5 million per 50 million barrels on the achievement of gross 2P reserves added over 100 million barrels within 36 months (capped at 5 additional cash payments); and
• 10% of the gross sale proceeds in respect of an assignment of greater than 49% of Project Peregrine within 24 months, excluding a bona fide farm-out.

Commenting on the agreement, Managing Director, Ashley Gilbert said:

This is an excellent outcome for our shareholders as we now have full control of the project, including the possibility of further farm-out to a new partner with greater technical and operational capability, ahead of future planned drilling and exploration activity… We also remain optimistic about the future results from the ongoing laboratory tests related to the Merlin-1 well…

Having 100% working interest in both Project Peregrine and the neighbouring Umiat Oil Field, opens up significant potential for the Company to realise value in the region.

88 Energy noted that APDC remains liable for all outstanding cash calls in relation to Merlin-1 and that the newly announced agreement does not include the Umiat Oil Field

88 Energy share price snapshot

88 Energy shareholders have witnessed some big price swings over the past 12 months, with shares currently up 100% over the past full year. By comparison, the All Ordinaries Index (ASX: XAO) has gained 21% over that same time.

Year-to-date the 88 Energy share price is also up 100%.

The post Why the 88 Energy (ASX:88E) share price is plummeting 9% this morning appeared first on The Motley Fool Australia.

Here's the data:

88 Energy Ltd (ASX: 88E)

For a second week in a row, this oil and gas exploration company's shares were easily the most traded share on the CommSec platform. 88 Energy's shares accounting for 4.1% of trades, with 56% of the volume coming from buyers. Unfortunately for those buyers, the 88 Energy share price crashed 63% lower last week. This follows a disappointing update on its Merlin-1 project in northern Alaska.

Zip Co Ltd (ASX: Z1P)

Zip's shares were popular with investors once again last week. The buy now pay later provider's shares were attributable to 2.5% of trades on the platform, with 59% coming from the buy side. Positively, the Zip share price climbed 7.4% over the week and has continued its ascent this week thanks to a strong Q3 update today.

Red Sky Energy Limited (ASX: ROG)

This oil and gas acquisition and development company remains in the top five after accounting for 2.1% of trades on CommSec. And although almost two-thirds of these trades came from buyers, it couldn't stop the Red Sky Energy share price falling 14% during the four days. This was despite the company revealing that its operations had exposure to an estimated 6.4m barrels of oil-equivalent.

Betashares Nasdaq 100 ETF (ASX: NDQ)

The Betashares Nasdaq 100 ETF was popular with investors last week. Its units were attributable to 1.9% of trades on the platform, with 68% of trades coming from buyers. A pullback in bond yields appears to have attracted investors to the tech-heavy index. Its units rose almost 4% last week.

Afterpay Ltd (ASX: APT)

As always, Afterpay's shares were heavily traded last week. The payments giant's shares were responsible for 1.4% of trades on CommSec. However, despite the Afterpay share price rising 15% over the four trading days, only 44% of trades came from buyers. Its shares took off following a positive update on its Afterpay Day event in the United States.

The post Afterpay and Zip were among the most traded ASX shares last week appeared first on The Motley Fool Australia.

Here's the data:

88 Energy Ltd (ASX: 88E)

This oil and gas exploration company's shares were easily the most traded share on the ASX last week. 88 Energy's shares accounting for 6.1% of trades on Commsec, with 55% of the volume coming from buyers. Those buyers will have been delighted to see the 88 Energy share price surge 135% higher over the four days amid excitement over its Merlin-1 project in northern Alaska. However, it is worth noting that its shares have come crashing back down to Earth this week following a disappointing update.

Zip Co Ltd (ASX: Z1P)

Once again, Zip's shares were popular with investors last week. The buy now pay later provider's shares were attributable to 2.1% of trades on the platform, with 52% coming from the buy side. Unfortunately for these buyers, the Zip share price edged lower over the four days. This was its sixth weekly decline in a row.

Red Sky Energy Limited (ASX: ROG)

This oil and gas acquisition and development company is a new entry to the top five. It accounted for 2% of trades on CommSec last week, with buyers making up the majority of the volume. They will have been very pleased to see the Red Sky Energy share price rocket a whopping 250% higher over the period. This strong gain resulted in the ASX giving it a speeding ticket. Management suspects the gains were caused by its 22 March announcement relating to the Killanoola Oil project.

Afterpay Ltd (ASX: APT)

Afterpay's shares were heavily traded last week. The payments giant's shares were responsible for 1.7% of trades on the platform. On this occasion, only 44% of these trades were from buyers. Like rival Zip, the Afterpay share price fell slightly over the shortened week.

Airtasker Ltd (ASX: ART)

Airtasker shares were popular with investors again last week. The jobs marketplace provider's shares were attributable to 1.6% of trades on CommSec, with almost two-thirds coming from buyers. Unfortunately for those buyers, the Airtasker was unable to repeat its heroics from the previous week. The company's shares lost over 19% of their value during the four days.

The post 88 Energy and Airtasker were among the most traded ASX shares last week appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:

88 Energy Ltd (ASX: 88E)

The 88 Energy share price has crashed 70% lower to 2.2 cents following the release of a very disappointing operational update. The exploration company has been looking for hydrocarbons via drilling operations at the Peregrine project in Alaska. However, due to a power outage from equipment failure and other challenges, the company was unable to sample its two most prospective zones. Management stated that it is now too late in the season to initiate flow testing operations and the forward program will consist of plugging the well.

Chorus Ltd (ASX: CNU)

The Chorus share price has fallen almost 4% to $6.20. This morning the New Zealand telco revealed that it has reduced its indicative Maximum Allowable Revenue (MAR) range to NZ$680 million to NZ$710 million. This compares to its previous range of NZ$715 million to NZ$755 million.

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price has tumbled 8.5% lower to $2.67. Investors have been selling the agricultural chemicals company's shares following an update on its Waggaman ammonia operation. This morning Incitec Pivot advised that the operation is expected recommence production later than previously expected. As a result, management expects an earnings before interest and tax (EBIT) impact of $36 million in FY 2021.

Santos Ltd (ASX: STO)

The Santos share price is down almost 2% to $7.00. Investors have been selling the energy producer's shares on Tuesday following a pullback in the oil price overnight. Oil prices came under pressure amid concerns over OPEC ramping up production. The S&P/ASX 200 Energy index is down 0.35% this afternoon.

The post Why 88 Energy, Chorus, Incitec Pivot, & Santos shares are sinking appeared first on The Motley Fool Australia.

At the time of writing, the 88 Energy share price is down 64% trading at 2.6 cents after closing at 7.3 cents on Thursday.

Project Peregrine update sinks the 88 Energy share price 

Project Peregrine is one of three 88 Energy projects in Alaska. Recent updates for Peregrine have been both a blessing and a curse. 

On 29 March, the company announced that it had detected potential hydrocarbon-bearing zones whilst conducting drilling operations for the Peregrine project.

The announcement acted like jet fuel for the already surging 88 Energy share price, which had run more than 300% in March, prior to the announcement. Its shares finished March up almost 700%, from 0.9 cents to just shy of 7 cents.

While the potential hydrocarbon-bearing zones excited investors, 88 Energy managing director Dave Wall noted that: 

Whilst there is still work to do to confirm a discovery, the results to date are encouraging and we look forward to providing an additional update on the wireline program in 7 to 10 days.

The announcement also included a cautionary statement that said: 

The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

Why the 88 Energy share price is spewing today 

Today's announcement updated the market with regards to the Peregrine operations. 

In its announcement, 88 Energy detailed its wireline program which was first used to identify potential reservoir and resistivity as well as provide an estimate of the mobility of the fluid present. The results were promising with multiple prospective zones identified, consistent with the shows and logs obtained while drilling. 

The company then attempted to take samples across the identified zones. It noted that "initial observations indicated the presence of an oil signature in the fluid using an optical fingerprint sensor in the downhole sampling tool, communication was established with the reservoir in the deepest zone of interest". 

However, a power outage due to equipment failure and other challenges resulted in the company not being able to sample its two most prospective zones. Additional analysis of sidewall cores sand potentially further drilling may be required to confirm a discovery.

Wall commented: 

We appreciate that these early results may be difficult to interpret. That is because we do not yet have all the data required to allow interpretation.

This means some uncertainty remains; however, it is already clear that Merlin-1 has delivered by far the best outcome of any of the 5 wells drilled by 88 Energy in Alaska over the last 6 years.

The post Why the 88 Energy (ASX:88E) share price dived 64% today appeared first on The Motley Fool Australia.

Here's the data:

Airtasker Ltd (ASX: ART)

Airtasker shares may have only been listed on the Australian share market for four days last week but they were still far and away the most traded shares on CommSec. Over the period, the jobs marketplace provider's shares accounted for a massive 7.9% of trades on the platform, with buyers accounting for 72% of them. The Airtasker share price finished the week 122% higher than its IPO price of 65 cents.

Zip Co Ltd (ASX: Z1P)

Zip shares were popular with investors again last week and accounted for 2.5% of trades on the platform. And although 53% of these came from buyers, it couldn't stop the Zip share price from sinking 6.5% lower over the five days. This was the fifth week in a row of declines for the buy now pay later provider's shares.

Freedom Foods Group Ltd (ASX: FNP)

This diversified food company's shares accounted for 2.1% of trades last week, with buyers responsible for 68% of them. Those buyers may have been bargain hunters swooping in after the Freedom Foods share price crashed lower after returning from a nine-month suspension. The company's shares fell 83% over the five days.

88 Energy Ltd (ASX: 88E)

88 Energy shares were popular last week. The energy company's shares were responsible for 2% of trades on CommSec. From this, buyers made up 59% of the trading volume. These investors will have been delighted to see the 88 Energy share price jump 82% over the week. This appears to have been driven by optimism over its Merlin-1 project in Alaska.

Brainchip Holdings Ltd (ASX: BRN)

This artificial intelligence technology company's shares returned to the top five after accounting for 1.5% of trades. And although 57% of trades came from sellers, the BrainChip share price fell less than 1%. Earlier this month the company announced the surprise exit of its CEO with immediate effect.

The post Airtasker and Zip were among the most traded ASX shares last week appeared first on The Motley Fool Australia.

Let's take a close look and see what 88 Energy updated the ASX with.

What did 88 Energy announce?

Investors are pushing the 88 Energy share price higher after positively receiving the company's latest news.

In its announcement, 88 Energy advised it has detected potential hydrocarbon-bearing zones whilst conducting drilling operations at its Merlin-1 well. The site is located within the company's Project Peregrine in the northern area of the National Petroleum Reserve, Alaska (NPR-A).

88 Energy revealed that the Nanushuk Formation, which consists of the primary targets for the Merlin-1 well, was found to be roughly 600 feet low to prognosis. In addition, it is estimated to be around 500 feet thicker than that encountered in the Willow Oil Field, north of the Project Peregrine.

The drilling data highlighted that the gamma log indicates the presence of more sand packages than in the Willow Oil Fields. Furthermore, it stated that sand packages in the Merlin-1 well are generally cleaner in nature. However, the reservoir quality is expected to be known when the wireline logging is complete.

The company said that oil shows were recorded over multiple intervals n the Nanushuk while drilling Merlin-1. It also observed relatively weak to moderate 'dry' fluorescence with slow-to-moderate and sometimes fast streaming cut when exposed to solvent.

Mud gas peaks were documented, but of not the same scale as in the Willow Oil Fields. One of the prospective targets in the Merlin-1 well however did record elevated total gas. Heavier gas components, including C5, was observed over multiple intervals. Fluorescence was observed in the drilling mud.

Whilst the results are encouraging, 88 Energy will complete the wireline program over the next week to confirm the hydrocarbon find.

Management commentary

88 Energy managing director Dave Wall briefly touched on the initial results, saying: "Whilst there is still work to do to confirm a discovery, the results to date are encouraging and we look forward to providing an additional update on the wireline program in 7 to 10 days."

About the 88 Energy share price

Over the past 12 months, the 88 Energy share price has jumped over 100%, with year-to-date, rising above 300%.

On valuation grounds, 88 Energy commands a market capitalisation of around $425.7 million, with a mammoth 12.5 billion shares outstanding.

The post Here's why the 88 Energy (ASX:88E) share price is accelerating 12% today appeared first on The Motley Fool Australia.

Here's the data:

Zip Co Ltd (ASX: Z1P)

Zip continued its run as being the most traded ASX share for a sixth week in a row. The buy now pay later (BNPL) provider's shares were attributable to 2.4% of trades on the CommSec platform last week, with 55% coming from buyers. Due to weakness in the tech sector, the Zip share price lost 3.5% of its value during the period.

88 Energy Ltd (ASX: 88E)

A surprise addition to the top five was this energy exploration company's shares ,which were responsible for 1.7% of trades on CommSec. Although its shares surged 36% higher last week, the buying and selling was evenly split. Interestingly, the volume of shares traded was so high it prompted an ASX query. 88Energy advised that it was not aware why its shares were in demand. Though, it notes that it had recently announced the commencement of drilling of the Merlin-1 exploration in Alaska.

Betashares Nasdaq 100 ETF (ASX: NDQ)

This exchange traded fund (ETF) was popular with investors again last week. The NDQ ETF accounted for 1.4% of trades on CommSec over the five days, with 78% coming from the buy side. The US tech-focused ETF lost 1.3% of its value last week.

Afterpay Ltd (ASX: APT)

Afterpay was among the most traded shares on CommSec again last week. It was attributable to 1.4% of trades on the platform, with the buying and selling evenly split at 52% to 48%, respectively. The sellers will have been the happier group, with the Afterpay share price losing 4.5% of its value last week. This was the fourth week in a row of declines.

Oneview Healthcare PLC (ASX: ONE)

Oneview Healthcare shares were another surprise addition to the top five. The healthcare software company's shares were responsible for 1.4% of trades on CommSec, with buyers making up 57% of these trades. Those buyers will have been delighted to see the Oneview Healthcare share price jump 130% over the five days thanks to a new strategic investment.

The post Afterpay and Zip were among the most traded ASX shares last week appeared first on The Motley Fool Australia.