Challenger Energy Limited
(ASX:CEL) says the sudden hike in its share price is linked to favourable media reports suggesting the South African government supports its exploration plans in the Karoo Basin.
The ASX issued a price and volume query to the company after its shares jumped from just under 10 cents on September 9 to an intra-day high of 13.5 cents yesterday.
The market operator was also concerned about an increase in the volume of trades of Challenger's stock.
But Challenger says it was not explicitly aware of any information it should have announced to the market.
