Petrel Resources (LON:PET) Shares Down 6.3% – Here’s Why

Petrel Resources Plc (LON:PET) was down 6.3% during mid-day trading on Friday . The stock traded as low as GBX 0.70 and last traded at GBX 0.75. Approximately 606,477 shares traded hands during trading, an increase of 116% from the average daily volume of 280,641 shares. The stock had previously closed at GBX 0.80.

Petrel Resources Stock Performance

The firm has a market capitalization of £1.87 million, a PE ratio of -2.81 and a beta of 0.57. The stock has a fifty day moving average price of GBX 0.78 and a 200-day moving average price of GBX 0.78.

Petrel Resources Company Profile

Petrel Resources Plc, together with its subsidiaries, operates as an oil and gas exploration company. The company holds a 100% interest in the Frontier exploration license 3/14 located in Ireland. It also holds a 30% working interest in the Tano 2A Block covering an area of 1,532 square kilometers in Ghana; and holds interest in the Western Desert Block 6 located in Iraq. Petrel Resources Plc was incorporated in 1982 and is based in Dublin, Ireland.