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

Key Points

• Reconnaissance Energy Africa Ltd. experienced a significant share price drop of 17.9%, trading at C$0.55 after closing at C$0.67.
• The stock saw a 478% increase in trading volume with approximately 1.9 million shares traded during mid-day trading.
• Reconnaissance Energy focuses on oil and gas exploration in Namibia and Botswana, holding a 90% interest in a large petroleum exploration license in Namibia.

Reconnaissance Energy Africa Ltd. (CVE:RECO - Get Free Report) shares traded down 17.9% on Saturday . The stock traded as low as C$0.53 and last traded at C$0.55. 1,938,133 shares changed hands during 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 5.5%

The company has a 50-day moving average price of C$0.54 and a two-hundred day moving average price of C$0.53. The stock has a market capitalization of C$138.09 million, a P/E 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.