** Shares of Finder Energy Holdings FDR.AX fall as much as 14.8% to A$0.070, post their worst intraday pct drop since May 23; last down nearly 10%

** Oil and gas explorer announces placement of 92.3 mln shares at A$0.065/share, a 20.7% discount on its close on June 30; stock was on trading halt on July 1 & 2

** Newly issued shares represent 102% of FDR's free float of 90.3 mln, as per data compiled by LSEG

** Proceeds will be used to develop the Kuda Tasi and Jahal Oil project in Timor-Leste

** Around 599,000 shares traded so far, nearly 1.7x its 30-day avg

** YTD, stock gains 89.7%

($1 = 1.5216 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.SinghChundawat@thomsonreuters.com))