The Strike Energy Ltd (ASX: STX) share price plummeted today, hitting a new 52-week low in intraday trade.
Interestingly, the dip comes despite no price sensitive news being released by the company. However, it did inform the market its deputy chair will face court in Western Australia over an alleged quarantine breach.
As of Monday’s close, the Strike share price is 17 cents, 2.86% lower than its previous close.
Earlier today, the company’s stock plunged to a new 12-month low of 16.5 cents, representing a single-day drop of 5.7%.
Making the dip even more noteworthy is the fact many of the company’s peers surged higher. While Strike isn’t on the S&P/ASX 200 Energy Index (ASX: ZEJ), it’s worth noting the index gained 2.7% on Monday.
Let’s take a closer look at the non-price sensitive news released by the oil and gas explorer today.
Strike Energy share price slides amid border drama
The Strike Energy share price fell today after the company’s deputy chair, Neville Power, was summoned to appear in court.
The company stated Power will face court for a matter relating to Western Australia’s quarantine laws.
According to ABC News, Power and another man failed to complete a G2G Pass before travelling into Western Australia. A G2G Pass is is a measurement to help the Western Australia Police Force manage COVID-19 travel directions.
The two men allegedly helicoptered to Exmouth from Queensland. They then reportedly continued to Perth’s Jandakot Airport, stopping at Carnarvon and Geraldton for fuel.
In addition to his role as deputy chair of Strike Energy, Power is chair of Perth Airport and the Royal Flying Doctor Service.
Power also chaired the National COVID-19 Coordination Commission, a body designed to minimise the impact of COVID-19 on jobs and business and ready the country for a speedy recovery.
Strike Energy stated Power will continue his duties as a director of the company.