Why 88 Energy, Chorus, Incitec Pivot, & Santos shares are sinking

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. At the time of writing, the benchmark index is up 0.95% to 6,894.1 points.

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

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…