Australia's Winchester Energy drops on discounted share placement

Winchester Energy

26/05/2021 03:01

** Shares of Winchester Energy  WEL.AX  fall as much as
12.5% to A$0.018, set for worst day since May 14
    ** The oil and gas explorer raises A$5 mln ($3.88 mln) at an
issue price of A$0.016 per share, a 20% discount to its close
when the stock last traded on Friday   urn:newsml:reuters.com:*:nASX5ZKqHV
    ** Co says placement will be used to fund oil exploration at
the Permian basin in Texas, U.S.
    ** Stock hits lowest since May 18 
    ** ~4.3 mln shares change hands vs 30-day average of 1 mln
shares 
    ** Stock down ~9.1% this year, as of last close 


($1 = 1.2892 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))