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

Key Points

• Shares of Reconnaissance Energy Africa Ltd. fell 17.9% during mid-day trading, closing at C$0.55 after a previous close of C$0.67.
• The stock experienced a significant increase in volume, with 1.9 million shares traded, marking a 478% increase from its average session volume.
• Reconnaissance Energy Africa holds significant interests in oil and gas exploration in Namibia and Botswana, covering a total area of approximately 34,331.33 square kilometers.

Reconnaissance Energy Africa Ltd. (CVE:RECO - Get Free Report)'s share price dropped 17.9% during trading on Friday . The company traded as low as C$0.53 and last traded at C$0.55. Approximately 1,938,133 shares traded hands during mid-day 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 Price Performance

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