Petrel Resources (LON:PET) Shares Up 5.9% – Should You Buy?

Shares of Petrel Resources Plc (LON:PET) shot up 5.9% during mid-day trading on Friday . The stock traded as high as GBX 1 and last traded at GBX 0.90. 810,577 shares changed hands during mid-day trading, an increase of 178% from the average daily volume of 291,072 shares. The stock had previously closed at GBX 0.85.

Petrel Resources Stock Up 5.9%

The firm has a market cap of £1.87 million, a P/E ratio of -3.60 and a beta of 0.50. The stock’s 50-day simple moving average is GBX 0.83 and its 200 day simple moving average is GBX 0.83.

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.