Meren Energy Inc. Sells 5,000,000 Shares of Africa Energy (CVE:AFE) Stock

Africa Energy Corp. (CVE:AFE) insider Meren Energy Inc. sold 5,000,000 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of C$0.14, for a total value of C$700,000.00. Following the completion of the transaction, the insider directly owned 271,982,414 shares in the company, valued at C$38,077,537.96. This represents a 1.81% decrease in their ownership of the stock.

Africa Energy Price Performance

Shares of CVE:AFE opened at C$0.17 on Friday. Africa Energy Corp. has a 52-week low of C$0.10 and a 52-week high of C$0.55. The stock has a market cap of C$81.46 million, a price-to-earnings ratio of -17.00 and a beta of 0.65. The business has a 50-day moving average price of C$0.20 and a 200-day moving average price of C$0.20.

About Africa Energy

Africa Energy Corp. operates as an oil and gas exploration and production company in South Africa and Namibia. The company focuses on potential gas condensate development on Block 11B/12B offshore in South Africa. It also holds interest in the Block 2B offshore the Republic of South Africa. The company was formerly known as Horn Petroleum Corporation and changed its name to Africa Energy Corp. in March 2015. Africa Energy Corp. is headquartered in Vancouver, Canada.