PA Resources said it will sell off all of its oil and gas assets as the company’s chief financial officer also revealed he will be leaving the firm.
The Swedish Independent said a review of the company’s strategic options had been up for review since April this year.
PA Resources said it had found no viable alternatives with regard to long-term financing or mergers and acquisitions.
Swedish oil explorer PA Resources has had its application for corporate reorganisation approved.
The company had previously announced that it would be making the move after summoning a new bondholders meeting earlier this week.
PA Resources said a further request was made for deferral of interest in respect of payments until the end of April.