For a second week in row, Alange Energy Corp. (CVE:ALE), (PINK:ALNGF) stock draws its growth path with only one slight pull back. The company’s news and some speculative interest caused a real ALE shares rush.
In the mid-July, ALE stock was at the bottom, showing performance as weak as many investor were not able to accept. At the end of the month, the success in the Copa-2 Appraisal well and the best sand development to date In Cubiro made the shares explode. Within a day, ALE left the range of its 52-week low and yesterday it kept growing.
Two important developments determined the further upward direction at the end of last month.
The first one was the promised by the company Copa-3 well completion. ALE reported the production of 1,700 barrels per day of clean 40 degrees API oil with 10% BS&W. The Topoyaco Block, located in the Putumayo basin of Colombia, is an asset in which the company has a 50% working interest, partnering with Pacific Rubiales Energy Corp.
The second significant for the shares’ performance event was the announcement that Alange Energy Corp. intends to list its stock on the Colombian Stock Exchange (Bolsa de Valores de Colombia or “BVC”). On the same day, ALE was worth $0.42 per share, closing the session in a weak volume and unchanged price, as if in expectation of the stock stir.
During the following trading sessions, ALE started the process of a constant accumulation of volume and value. This Monday, the company released an update on the Topoyaco-2 Exploration well, which also added to ALE share price increase. Even speculative-minded investors were interested in ALE stock these days.[BANNER]
However, ALE recent surging resulted not only from the Topoyaco’s update. Shorters’ presence in the trading sessions at the end of last month was not as strong as it was in August, but was still good enough.
The gaining ALE was traded in a heavy volume of 13.7 million shares yesterday. The shares closed at $0.56 each, 33.33% more valuable than on the date of the announcement about their listing on the BVC.
On the American OTC market, ALNGF closed yesterday also with a 11.41% price increase from the previous session in a volume of 2.19 million shares changing hands.
