Australia's Pilot Energy hits 2-month low on discounted placement

Pilot Energy

14/10/2024 03:25

** Shares of Pilot Energy  PGY.AX  fall as much as 15% to
A$0.017, posting their biggest intraday pct loss since Aug. 8
    ** Oil and gas producer receives firm commitments to raise
A$3.855 mln ($2.60 mln) via placement
    ** Says issue price at A$0.018 per share, a 10% discount to
stock's last close on Oct. 9, when trading was halted pending
the capital raise announcement
    ** Says funds will be used for development of Mid West clean
energy project in Western Australia
    ** Stock hits its lowest level since Aug. 30
    ** More than 5.3 mln shares change hands vs the 30-day avg
volume of 3.3 mln shares
    ** Stock down ~32.7 YTD, including current session's moves

($1 = 1.4854 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))