The explorer said in a statement that it had successfully completed a programme of wireline logging and it had started a full petrophysical analysis and review.
Initial results from zones in the primary target formation, the Nanushuk, found low oil saturations while reservoir quality and fluid mobility are described as being insufficient to warrant production testing.
Zones in the deeper secondary target area, the Torok formation, similarly exhibited low oil saturation. They did not flow hydrocarbons in the initial tests.
"The early encouragement seen at Winx has not been confirmed by the results from the wireline logging programme, despite many of the hallmarks of a successful Nanushuk play being present,” said Dave Wall, 88 Energy chief executive.
“Analysis of the data is ongoing; however, it is deemed unlikely to change the current view in a material fashion.”
It follows last week’s whip-saw trading as the first set of results, from the top Nanushuk zone, led to initial disappointment and negative trading sentiment before subsequent statement’s highlighted the observation of oil shows which then saw expectations rise again for the well.
On AIM, 88 Energy shares pulled back around 20% down to 0.79p on 1 March before rallying to a London close of 1.34p on Tuesday 12 March.
High volatility evident as trading began, with 88 Energy shares losing as much as 50% of their value in early trades. Changing hands at 0.84p the share was down about 37% after ten minutes of trading.
Wall added: “We appreciate that this is disappointing for investors but, at the same time, we look to the future and continue our forward path to ultimate success at our projects in Alaska.
“An update will be provided on the broader Alaska project portfolio in the near term."
--Updated to include share price details for 88 Energy and Red Emperor--