Unfortunately for its shareholders, the 88 Energy Ltd (ASX: 88E) share price has had a disappointing start to the week.
In afternoon trade the energy company's shares are down 16% to 4.6 cents.
What happened?
This morning 88 Energy released an operations update to the market relating to its Project Icewine located onshore in Alaska.
According to today's update flowback commenced on June 19 and has so far recovered around 13% of the stimulation fluid.
Trace hydrocarbons have been encountered early on, but management expects that up to 30% of the stimulation fluid will need to be recovered before hydrocarbons will be released from the reservoir.
Judging by the sell-off today, it appears as though many investors were expecting a stronger start to its flowback.
Managing Director Dave Wall remains optimistic, stating that "a little patience is now required as we give the rocks time to show us what they can deliver."
Despite today's decline, 88 Energy's shares are still up almost 5% year-to-date.
