Australia's Whitebark Energy hits record low, sells 90% stake in Canadian assets

H3 Energy

14/06/2024 03:36

** Shares of oil and gas explorer Whitebark Energy  WBE.AX 
fall as much as 35.7% to a lifetime low of A$0.009
    ** WBE marks its biggest intraday pct drop since late
September last year
    ** Co signs agreement to sell 90% stake in Wizard Lake
assets in Canada to Conflux Energy Corp - a private Canadian oil
and gas operator
    ** WBE's Canadian unit Rex Energy will retain a 10% stake in
Wizard Lake assets
    ** Says stake sale in line with co commitment to focus on
Australian renewable energy market
    ** Also announces placement to raise A$1.5 mln ($994,950) at
A$0.0120 per share, a discount of 14.3% to June 6 close, after
which stock went on a trading halt 
    ** WBE set to lose ~36% over the week if trend holds - worst
week since late September last year
    ** Down 36.4% this year, as of last close

($1 = 1.5076 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))