The deal, the company’s entry to an exploration venture in the United Arab Emirates, was subject to financing and had an August 16 deadline.
Maxim said it had secured indicative orders that would’ve been sufficient to meet the acquisition requirements, but, it would not have been possible to close the funding in time.
The company said it still intends to continue with its proposed dual listing onto London’s AIM market, and it is talking to the investors that were prepared to participate in the planned funding.
It also said that an open channel of communication is in place with Quest for future opportunities.
Maxim now seeks production, near-term production and high-impact exploration opportunities, it added.
Andrew Male, Maxim’s chief executive, said: "The transaction was challenging to complete in light of the company's timetable for its listing on AIM concurrently with the closing of the transaction, and, as a result, this contributed to the extended dates for closing the transaction.
“In addition, the last two months have been challenging in the capital markets as a result of the depreciation in the price of oil.
“We are pleased to confirm that Quest's managing director, Ian Baron, will continue to be a director of Maxim, and we look forward to leveraging his oil and gas experience in emerging markets."