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UK-based Max Petroleum warned investors Monday that the company could face insolvency if it fails to win new investments and successfully restructure its debt.

Weak oil oil prices have had “a very severe adverse impact on the company’s current and forecast liquidity position in 2015 and beyond,” Max Petroleum said.

The company has “been rendered unviable” unless it can reach a debt restructuring agreement with Sberbank and ink new investment deals.

Max Petroleum is currently negotiating with Serbank to restructure a $82.8 million loan.

The company said a $56.45 million cash subscription deal made with AGR Energy in August will not move forward.

AGR was set to take a 51 percent stake in Max Petroleum in exchange for a $56.45 million cash subscription.

Max said it will continue talks with AGR about possible equity investment deals.

The company’s directors believe there is a “reasonable prospect” that ongoing discussions could provide the company with enough funds to avoid insolvency.

“There is only a short period remaining to achieve such a refinancing and if current efforts are unsuccessful then the consequences will be negative for all stakeholders in the company,” Max Petroleum said.