It has been a pretty tough time for the investors in NG Energy International Inc (OTCMKTS:GASXF) over the course of the past week considering the fact that the stock has tanked by as much as 23% during the period. In light of such a decline, it may be a good time for investors to take a look at the development from January 4 and then figure out their strategy with regards to the stock.
Trading Data
On Friday, GASXF stock jumped 2.07% to $1.53 with more than 128k shares traded, compared to its average volume of 59k shares. The stock has moved within a range of $1.4646 – 1.5400 after opening trading at $1.50.
Ng Energy Provides Update On Pipeline And Facilities At Maria Conchita
At the time NG Energy International announced that it had been successful in concluding all the necessary civil works and the flow lines that will connect its gas plant with the national gas transportation network.
It goes without saying that it was a major accomplishment for the company and a significant development. However, it proved to be a negative trigger for the stock and it suffered from a steady selloff.
The company also added that it was engaged in consultation with the communities in the area in the vicinity of the pipeline so that the process to complete the connection Transportadora de Gas Internacional main pipeline could be accomplished. It is going to be interesting to see if the stock can rebound today.
Key Quote
Serafino Iacono, Chief Executive Officer of NGE commented “we want to wish a happy new year to all our supporters, 2021 was a great year for NGE, we are proud of the operational milestones we achieved in spite of persistent logistical difficulties from the pandemic. 2022 will be truly transformative as the Company begins production at Maria Conchita and executes on drilling SINU-9.”
