Pharos Energy (OTCMKTS:SOCLF) Trading Up 1.3% - What's Next?

Key Points

• Shares rose ~1.3% midday to $0.38 (intraday high $0.4250) on about 10,260 shares traded, roughly 33% below the stock's average daily volume.
• The stock is trading above its technical support levels, with a 50-day SMA of $0.32 and a 200-day SMA of $0.30.
• Pharos Energy is a London-headquartered independent oil & gas E&P whose flagship asset is its interest in the West Gharib onshore concession in Egypt's Gulf of Suez, focused on drilling, production and reservoir management.

Shares of Pharos Energy PLC (OTCMKTS:SOCLF - Get Free Report) were up 1.3% during mid-day trading on Monday . The stock traded as high as $0.4250 and last traded at $0.38. Approximately 10,260 shares traded hands during trading, a decline of 33% from the average daily volume of 15,240 shares. The stock had previously closed at $0.3750.

Pharos Energy Trading Up 1.3%

The firm has a fifty day simple moving average of $0.32 and a 200-day simple moving average of $0.30.

About Pharos Energy

Pharos Energy PLC is a London-headquartered independent oil and gas exploration and production company. It focuses on the development, production and optimisation of upstream hydrocarbon assets, with a particular emphasis on cost-effective field operations and reservoir management. The company's corporate office is based in the City of London, underlining its status as a UK-listed operator with an international footprint.

The company's flagship asset is its interest in the West Gharib onshore concession in Egypt's Gulf of Suez region, where Pharos Energy oversees drilling, production, facility maintenance and reservoir surveillance.

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