Australia's Carnarvon Energy falls to almost two-week low on discounted placement

Carnarvon Energy

29/03/2022 02:26

** Shares of Carnarvon Energy Ltd  CV.AX  fall as much as
6.1% to A$0.310, their lowest since March 17, losing for a third
straight session  
    ** The oil and gas explorer says it has raised A$70 mln 
($52.35 mln) through a fully underwritten institutional
placement  urn:newsml:reuters.com:*:nFWN2VV0YP
    ** Says funds raised will be used to bring the Dorado
liquids development to a final investment decision in 2022,
among others 
    ** Issue price of A$0.30 per share is at 9.1% discount to
the last trading price on March 25 
    ** Stock down 2.9% this year, as of last close

     ($1 = 1.3371 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))