Shares in Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, plunged after the firm admitted it needs extra capital in order to complete the NUR-1 well at the Emba B Prospect in Block E.
As a result of the funding shortage the company is releasing the Saipem National 1625 DE onshore deep drilling rig which has been operating on the well.
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In a statement the firm said negotiations are also currently ongoing with debt and equity providers to provide financing to complete the company's post-salt exploration programme and underpin future appraisal and development drilling.
The share price fell 9.52% to 2.85p by 08:30.
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