Genel Energy (OTCMKTS:GEGYY) Shares Down 12.5% - Here's Why

Key Points

• Genel Energy shares fell 12.5% on Monday, dropping from $0.80 to $0.70 (intraday low $0.70) on roughly 2,500 shares traded — a reported massive percentage increase versus an average daily volume listed as 0.
• Genel Energy is an upstream oil and gas company operating in the Kurdistan Region of Iraq (notably the Taq Taq and Tawke fields), listed on the London Stock Exchange and trading in the U.S. OTC market as GEGYY; its 50-day and 200-day simple moving averages are $0.77 and $0.72, respectively.

Genel Energy (OTCMKTS:GEGYY - Get Free Report) shares were down 12.5% during trading on Monday . The company traded as low as $0.70 and last traded at $0.70. Approximately 2,500 shares changed hands during trading, an increase of 4,999,900% from the average daily volume of 0 shares. The stock had previously closed at $0.80.

Genel Energy Price Performance

The firm has a fifty day simple moving average of $0.77 and a two-hundred day simple moving average of $0.72.

Genel Energy Company Profile

Genel Energy is an independent upstream oil and gas company with core operations in the Kurdistan Region of Iraq. The company holds material equity interests in producing fields such as Taq Taq and Tawke, operating under production sharing contracts with the Kurdistan Regional Government. Genel's activities encompass exploration, development and production, as well as the ongoing appraisal of several exploration licences in the region.

Formed in 2011 and headquartered in London, Genel Energy is listed on the London Stock Exchange and trades in the United States on the OTC Markets under the symbol GEGYY.

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