AFE Stock: Africa Energy Corp Up Nearly 30% After New Discovery

AFE Stock

Cannabis stocks often dominate the majority of the top trading stocks on the TSXV. Today, that’s not the case. An oil and gas company has taken over as the top trading stock on the TSXV by daily volume by a large margin. Today, we’ll take a closer look at why Africa Energy Corp (TSXV:AFE) has seen over $8 million in trades today and check out the current AFE stock movement. 

AFE Stock Today

Africa Energy Corporation operates as an oil and gas company exploration in the Republic of South Africa. Currently, it holds a 90% interest in the offshore Exploration Right for Block 2B. This area covers around 4,360 kilometers. Africa Energy Corporation also holds various other interests in other offshore blocks in the same region.

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Today, AFE stock is trading high due to a gas condensate discovery at a particular prospect. It seems investors are impressed with the press release. Block 11B/12B, where the discovery was found, is in the Outeniqua Basin and covers an area of 19,000 square kilometers. 

Garrett Soden, Africa Energy’s President and CEO, commented:

“We are thrilled to announce a major discovery on Block 11B / 12B offshore South Africa. The Brulpadda discovery opens a new world-class oil and gas play with substantial follow-on potential. The success at both the Brulpadda primary and secondary targets significantly de-risks four other similar prospects already identified on the existing 2D seismic. The Block 11B / 12B partners plan to acquire 3D seismic this year, followed by up to four exploration wells. We congratulate Total as operator for drilling the Brulpadda-1AX deepwater well safely and efficiently.”

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AFE Stock Movement

According to Yahoo Finance, the oil and gas stock is currently trading at $0.285 a share, up +$0.05 (+23.91%). The stock has seen exponential growth year-to-date and is up 46% in 2019. With its latest discovery and AFE stock movement, Africa Energy Corp is making a name for itself in the space.

Featured Image: Africa Energy