Sterling Resources has been given one month to sell-up or find an investor.
The firm, which owns a 30% stake in the North Sea’s Breagh gas field, has seen its cash position dwindle to just $12million.
Creditors have given the company four weeks to sort its finances or face being wound-up.
Vitol, the world’s largest oil trader, owns 11% of Sterling’s stock, which closed on Friday at just four cents.
In 2013, Vitol offered up a $138million deal to takeover Sterling, but talks later broke down – permanently shelving the buy-out.
Sterling lost $50million over a nine month period last year. It owes $180million on a bond it took out in 2013.
Ineos owns the remaing 70% of the Breagh field.
Earlier this year, Iona Energy was forced to call in administrators.
Sir Ian Wood later told Energy Voice his greatest fear in a $30 oil price environment was losing “good companies”.
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