Reconnaissance Energy Africa (CVE:RECO) Shares Down 19.4% - Should You Sell?

Key Points

• Reconnaissance Energy Africa shares dropped 19.4% on Friday, trading as low as C$0.53 before ending at C$0.54.
• Trading volume increased significantly, with approximately 1.6 million shares traded, a boost of 387% from the average daily volume.
• The company holds a 90% interest in a petroleum exploration license covering 25,341.33 square kilometers in Namibia and a 100% working interest in a license in Botswana.

Reconnaissance Energy Africa Ltd. (CVE:RECO - Get Free Report)'s share price dropped 19.4% during mid-day trading on Friday . The stock traded as low as C$0.53 and last traded at C$0.54. Approximately 1,623,108 shares changed hands during mid-day trading, an increase of 387% from the average daily volume of 332,987 shares. The stock had previously closed at C$0.67.

Reconnaissance Energy Africa Trading Down 17.9%

The firm's fifty day moving average price is C$0.54 and its 200-day moving average price is C$0.53. The firm has a market cap of C$146.06 million, a price-to-earnings 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.