Pharos Energy (OTCMKTS:SOCLF) Shares Down 9.8% – Here’s Why

Pharos Energy PLC (OTCMKTS:SOCLF) dropped 9.8% during mid-day trading on Monday . The stock traded as low as $0.37 and last traded at $0.37. Approximately 92,060 shares traded hands during mid-day trading, an increase of 681% from the average daily volume of 11,781 shares. The stock had previously closed at $0.41.

Pharos Energy Price Performance

The stock has a 50 day moving average of $0.29 and a 200-day moving average of $0.29.

Pharos Energy Company Profile

Pharos Energy PLC is a London-headquartered independent oil and gas exploration and production company. It focuses on the development, production and optimisation of upstream hydrocarbon assets, with a particular emphasis on cost-effective field operations and reservoir management. The company’s corporate office is based in the City of London, underlining its status as a UK-listed operator with an international footprint.

The company’s flagship asset is its interest in the West Gharib onshore concession in Egypt’s Gulf of Suez region, where Pharos Energy oversees drilling, production, facility maintenance and reservoir surveillance.