Reconnaissance Energy Africa (CVE:RECO) Shares Down 18.3% - Here's Why

Shares of Reconnaissance Energy Africa Ltd. (CVE:RECO - Get Free Report) fell 18.3% on Thursday . The stock traded as low as C$0.47 and last traded at C$0.47. 2,404,775 shares were traded during mid-day trading, an increase of 796% from the average session volume of 268,380 shares. The stock had previously closed at C$0.58.

Reconnaissance Energy Africa Trading Down 2.6%

The firm's 50 day moving average is C$0.57 and its two-hundred day moving average is C$0.75. The stock has a market cap of C$112.00 million, a price-to-earnings ratio of -4.41 and a beta of 1.24.

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.