Issuing a price query to White Energy, the ASX also noted an increase in the volume of trading in the securities over the duration of the period.

The price query is yet another blow for White Energy, which is currently locked in a dispute with its joint venture partner PT Bayan Resources after the Indonesian company walked out from its coal upgrading project at the Tabang coal plant.

In light of the price fluctuation, the ASX required White Energy to respond to a series of questions.

In its response, White Energy said it was not aware of any information concerning the company that had not been announced which could explain the drop in share price or increase of trading.

“The company does not have any other explanation for the price or volume change in the securities of the company,” it said in a statement.

It is considering pursuing legal action after Bayan also requested White Energy purchase Bayan’s share of their JV company, PT Kaltim Supacoal, for $US45 million.

White Energy managing director Brian Flannery said Bayan’s demands had been in breach of the JV contract.

White Energy owns 51% of KSC, while Bayan owns 49% and is required to pioneer the briquetting technology at the Tabang coal plant.

The JV partners have been on rocky terms since early November after Bayan said expenditure on the Tabang project upgrade was higher than expected and would not deliver sufficient returns.

The company’s share price has fluctuated since the disagreement surfaced, with its share price dropping 6% to a low of A45.5c after it announced its JV issues.