TrapOil (LON:TRAP) shares slumped around 25% as it warned that it will run out of money in early July if it can’t secure a viable funding solution.
The North Sea oil junior said it is urgently assessing a number of potential funding sources including a disposal of assets.
It also said that talks are ongoing with the group’s principal creditors, shareholders and potential new investors.
“No firm decisions or conclusions have yet been reached and there can be no certainty that a viable funding solution will be forthcoming,” the company said in a statement.