Horizon Oil (ASX:HZN) has been implicated in an alleged bribery scandal.
A story in the Australian Financial Review aroused suspicion over a $15.4 million payment in Papua New Guinea nine years ago to an unknown shell company.
The payment was made just 10 weeks after Horizon was awarded a lucrative development licence in the Pacific nation.
Horizon issued a response to the market this morning, claiming that it had “no actual knowledge of any wrongdoing relating to that transaction”.
Shares in Horizon Oil (ASX:HZN) are trading 30 per cent lower at 8 cents.