Sydney-based gas producer AWE will raise $38 million via a share placement to fund the next stage of the Waitsia gas field project in the Perth Basin.

AWE has a 50 per cent stake in the project, which has been touted as the largest onshore conventional gas discovery in Western Australia for decades, while Sydney-based Origin Energy holds the remaining share.

The placement will comprise 76.9 million shares at 50 cents per share, a 10.7 per cent discount, with RBC Capital Markets acting as the sole manager.

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