Australian oil & gas explorer Blue Energy slides on discounted placement
22/09/2021 02:34
** Shares of oil and gas explorer Blue Energy Ltd BLU.AX
down as much as 17.5% to A$0.052, their biggest intraday pct
loss since May 2020
** Co raises A$10 mln ($7.3 mln) to advance its 2P reserve
build programme, which will underpin supply deals signed with
Origin Energy ORG.AX , Energy Australia and Queensland Pacific
Metals QPM.AX urn:newsml:reuters.com:*:nASX58w8Yw
** Co to issue 199.3 mln new shares under the placement,
which makes up about 23.7% of its free float
** New shares are priced at A$0.05 per share, a discount of
20.6% to stock's last close on Sept 17, after which co's shares
went on a trading halt
** BLU shares at their lowest mark since Aug 30, with
trading volumes of 4.9 mln shares over four times the 30-day avg
volume of 1.2 mln
** Stock down 27.6% this year, as of last close
($1 = 1.3776 Australian dollars)
(Reporting by Yamini C S)
((Yamini.CS@thomsonreuters.com;))