88 Energy Limited provided update on operating activities for the quarter ended Dec. 31, 2015. The highlights include: The Icewine#1 exploration well reached planned total depth of 11,600' on 29th December having achieved all primary unconventional objectives; Early analysis suggests that a large portion of the HRZ shale on Project Icewine is within the thermal maturity sweetspot; Two cores cut in HRZ and Pebble Shale Unit with recoveries of 97%; Conventional prospectivity high graded by results from Logging While Drilling data; Excellent reservoir and oil shows in shallow (4,000'-4,400') Brookian interval; Above expectation reservoir quality in deeper (11,262'-11,320') Kuparuk interval.

For the quarter, the company reported net cash inflow of AUD 0.548 million recorded by the company.