BUZZ-Australia's 88 Energy hits record low on discounted placement

Reuters04-24

** Shares of 88 Energy dip as much as 40% to hit a record low of A$0.003

** The oil and gas explorer says it has successfully raised A$9.9 mln ($6.5 mln)

** Issue price of A$0.003 per share is at a 40% discount to last close on April 22

** Says proceeds will be directed towards costs associated with flow test at the Hickory-1 discovery well located at Project Phoenix, among others

** Shares post their biggest intraday pct loss since March 30, 2022

** About 515.4 mln shares exchange hands vs the 30-day average of 66.4 mln shares

** Stock flat YTD, as of last close

($1 = 1.5333 Australian dollars)

(Reporting by Echha Jain in Bengaluru)

((Echha.jain@thomsonreuters.com))

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