Petrel Resources (LON:PET) Shares Up 17.5% – Here’s What Happened

Petrel Resources Plc (LON:PET) was up 17.5% during mid-day trading on Wednesday . The company traded as high as GBX 1.58 ($0.02) and last traded at GBX 1.41 ($0.02). Approximately 838,985 shares traded hands during mid-day trading, an increase of 272% from the average daily volume of 225,409 shares. The stock had previously closed at GBX 1.20 ($0.02).

Petrel Resources Stock Performance

The business’s fifty day simple moving average is GBX 1.21 and its 200-day simple moving average is GBX 0.97. The company has a market capitalization of £3.09 million, a P/E ratio of -6.46 and a beta of 0.57.

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.