Australia's Melbana Energy hits near 4-year low on discounted placement

Melbana Energy

21/08/2025 04:27

** Shares of Melbana Energy MAY.AX plunge as much as 22.7% to A$0.017, their lowest level since September 14, 2021

** Stock records biggest intraday pct fall since mid-July, 2024

** Oil and gas explorer receives binding commitment of A$7 million ($4.50 million) via placement at an issue price of A$0.017 per share

** Issue price represents a discount of 22.7% to stock's last close

** Funds from placement to be used for co's share of drilling costs for Amistad-2 well in Cuba

** About 13.7 mln shares traded, 6.9x the 30-day average

** YTD stock down 25.9%, including the day's moves

($1 = 1.5555 Australian dollars)

 (Reporting by Ananya Verma in Bengaluru)

 ((ananya.verma@thomsonreuters.com;))