Oil and Gas Junior Gushes on Discovery Announcement

Africa Energy Corp. (TSXV:AFE), an oil and gas junior, climbed after announcing a “significant” gas condensate discovery

Sean Mason | February 7, 2019 | SmallCapPower

An offshore gas condensate discovery sparked buying interest in shares of an oil and gas junior Thursday. Here’s some small stocks making big moves on Thursday, February 7, 2019 (as of 4 pm EST):

Africa Energy Corp. (TSXV:AFE) shares jumped 26% to $0.29 on Thursday after the oil and gas junior announced a “significant” gas condensate discovery on the Brulpadda prospects located on Block 11B/12B offshore South Africa. Africa Energy holds a 4.9% effective interest in the Exploration Right for Block 11B/12B.

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As well, shares of Auxly Cannabis Group Inc. (TSXV:XLY) eased 7% to $0.84 as the cannabis company said it has terminated its joint venture with a wholly-owned subsidiary of FSD Pharma Inc. (CSE:HUGE).

Héroux-Devtek Inc. (TSX:HRX), meanwhile, reported that its third-quarter sales surged 49% to $144.5 million, while operating income for the quarter increased 79.6% to $11.9 million. Héroux-Devtek stock moved up 10% to $13.98 following the announcement.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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