Trading in Max Petroleum (LON:MXP) shares was suspended Monday as it warned time was running out for debt talks that could save the company.
The company said it believes there is still a reasonable prospect that final talks with creditor Sberbank and potential investor AGR Energy could result in a sufficient refinancing.
If a deal is done it could render the company viable, and for this reason Max has not yet gone into administration.
The company warned there is only a very limited period remaining to achieve a refinancing, due to outstanding creditor payments including a material amount due to the Kazakhstan tax authority.