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

Key Points

• Reconnaissance Energy Africa Ltd. saw its stock price decline by 17.9%, trading as low as C$0.53 and closing at C$0.55.
• During the trading day, approximately 1,938,133 shares were exchanged, which marks a 478% increase from the average daily volume.
• The company holds significant interests in oil and gas exploration licenses in Namibia and Botswana, covering over 34,000 square kilometers combined.

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

The firm has a fifty day simple moving average of C$0.54 and a 200-day simple moving average of C$0.53. The company has a market cap of C$146.06 million, a PE 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.