Africa Energy Corp. (OTCMKTS:HPMCF) saw short interest plummet in June,falling 65.6%. By June 15,short interest was at 8,117 shares,down from 23,617 shares on May 31.
That drop means a short-interest ratio of 1.7 days,based on average trading volume of 4,841 shares. Stock price held steady at $0.13 during mid-day trading Friday,mirroring recent trends .
In past year,Africa Energy shares ranged between $0.07 and $0.53. Company's 50-day and 200-day moving averages hover near $0.15,showing a relatively stable trading phase.
Canada-based,Africa Energy explores oil and gas mainly in southern Africa's offshore areas. Trades as HPMCF over-the-counter. Its key holdings include a majority in Petroleum Exploration Licence (PEL) 37 in Namibia's Orange Basin and full ownership of Block 2B in South Africa's adjacent Orange Basin.
Africa Energy plans to use geological data and industry partnerships to cut exploration risks . Short interest drop might signal growing confidence in company's future as it moves exploration projects forward. But will it deliver…
