Reconnaissance Energy Africa (CVE:RECO) Trading Down 16.4% - Here's What Happened

Key Points

• Reconnaissance Energy Africa shares fell by 16.4% on Friday, with a trading price dropping to C$0.53 before closing at C$0.56, significantly below its previous close of C$0.67.
• Trading volume increased to approximately 1.86 million shares, indicating a 456% spike compared to the average daily volume of 334,016 shares.
• The company operates oil and gas exploration activities in Namibia and Botswana, holding a 90% interest in a significant petroleum exploration license in Namibia.

Shares of Reconnaissance Energy Africa Ltd. (CVE:RECO - Get Free Report) dropped 16.4% on Friday . The company traded as low as C$0.53 and last traded at C$0.56. Approximately 1,855,708 shares were traded during trading, an increase of 456% from the average daily volume of 334,016 shares. The stock had previously closed at C$0.67.

Reconnaissance Energy Africa Stock Performance

The company's 50 day simple moving average is C$0.54 and its two-hundred day simple moving average is C$0.53. The stock has a market cap of C$138.09 million, a price-to-earnings ratio of 1.68 and a beta of -0.66.

About Reconnaissance Energy Africa

Reconnaissance Energy Africa Ltd., a junior oil and gas company, engages in exploration and development of oil and gas properties in Namibia and Botswana. The company holds a 90% interest in a petroleum exploration license that covers an area of approximately 25,341.33 square kilometer located in Namibia; and 100% working interest in a petroleum license, which covers an area of 8,990 square kilometer located in northwestern Botswana.