Noreco could face losing its stake in a number of assets after failing to make payments for operations costs.
The Norwegian energy company said its Danish subsidiary was prevented in January from making payments for its share of production costs at the Nini field and as a result was in breach of its licence agreement.
It means other partners may now claim Noreco’s 30% interest in the licence without any consideration.
The company said as part of negotiations to agree on an overall restructuring proposal for Noreco, a committee of bondholders has stated that their consent would require that costs and cash flows related to its operations in Denmark must be improved.
A spokesman said: “Since then Noreco and representatives from the bondholders have been, and still are, in a dialogue with the operators and partners in the licences in order to attempt to come to an amicable solution.
“This work has so far not resulted in an agreement.
“The status at the Xana and Cecilie licences in Denmark is similar to that of Nini, albeit the timing is slightly different.
“Noreco was notified by the licences on 6 February and 3 March respectively that the companies are in breach of licence terms, and that the two licences may be forfeited after 60 days.
“Consequently, and in accordance with licence agreements, Noreco is currently cut off from any information from the licences, including production data from the Nini and Cecilie fields and drilling progress in the Xana well.”
Noreco said the Lulita and Huntington fields owned directly or indirectly by Noreco’s Danish subsidiaries are not affected by the current situation.
Earlier this month a restructuring proposal for the company was approved at an annual general meeting.
Noreco has faced a number of financial difficulties following the shutdown of the Huntington field which resulted in impairments of about 700million kroner and 100million kroner.