Reconnaissance Energy Africa (CVE:RECO) Stock Price Down 17.9% - Here's Why

Key Points

• Reconnaissance Energy Africa Ltd. experienced a significant stock price drop of 17.9%, trading as low as C$0.53 during mid-day trading on Saturday.
• The trading volume surged to 1,938,133 shares, which is a 478% increase compared to the average session volume of 335,483 shares.
• The company holds a 90% interest in a large petroleum exploration license in Namibia and a 100% working interest in a license in Botswana.

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

Reconnaissance Energy Africa Stock Down 3.6%

The stock has a 50-day simple moving average of C$0.54 and a 200-day simple moving average of C$0.53. The firm has a market capitalization of C$140.75 million, a PE ratio of 1.71 and a beta of -0.66.

Reconnaissance Energy Africa Company Profile

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.