Reconnaissance Energy Africa (CVE:RECO) Shares Down 17.9% - Here's What Happened

Key Points

• Reconnaissance Energy Africa Ltd. (CVE:RECO) shares fell by 17.9% during trading, closing at C$0.55 after hitting a low of C$0.53.
• Trading volume saw a significant increase, with approximately 1.9 million shares traded, representing a 478% rise compared to the average daily volume.
• The company has a market capitalization of C$146.06 million and holds significant interests in oil and gas properties in Namibia and Botswana.

Reconnaissance Energy Africa Ltd. (CVE:RECO - Get Free Report) was down 17.9% during mid-day trading on Friday . The company traded as low as C$0.53 and last traded at C$0.55. Approximately 1,938,133 shares were traded during trading, an increase of 478% from the average daily volume of 335,483 shares. The stock had previously closed at C$0.67.

Reconnaissance Energy Africa Stock Down 17.9%

The company has a market capitalization of C$146.06 million, a P/E ratio of 1.77 and a beta of -0.66. The stock has a fifty day simple moving average of C$0.54 and a 200-day simple moving average of C$0.53.

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.