Africa Energy (CVE:AFE) Trading 48% Higher - Here's Why

Key Points

• Africa Energy Corp. (CVE:AFE) shares surged about 48% intraday, trading as high as C$0.39 (last C$0.37) on volume of 105,092 shares—a 76% increase versus the average—after closing previously at C$0.25.
• The company is an oil and gas explorer focused on potential gas condensate development offshore South Africa (Blocks 11B/12B and Block 2B in Namibia/South Africa) and has a market cap of C$172.5 million with a negative P/E, indicating it is not currently profitable.

Africa Energy Corp. (CVE:AFE - ) shares traded up 48% during mid-day trading on Thursday . The company traded as high as C$0.39 and last traded at C$0.37. 105,092 shares were traded during mid-day trading, an increase of 76% from the average session volume of 59,680 shares. The stock had previously closed at C$0.25.

Africa Energy Trading Up 44.0%

The company has a market capitalization of C$172.50 million, a P/E ratio of -1.28 and a beta of 1.27. The company's 50 day moving average is C$0.20 and its 200-day moving average is C$0.16.

Africa Energy Company Profile

Africa Energy Corp. operates as an oil and gas exploration and production company in South Africa and Namibia. The company focuses on potential gas condensate development on Block 11B/12B offshore in South Africa. It also holds interest in the Block 2B offshore the Republic of South Africa. The company was formerly known as Horn Petroleum Corporation and changed its name to Africa Energy Corp. in March 2015. Africa Energy Corp. is headquartered in Vancouver, Canada.

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