Shares in the oil explorer, Austral Pacific Energy have slumped by a fifth, after it announced the future of the company is under review.
The operator of the Cheal, Kahili and Cardiff fields in Taranaki says it's carrying out a strategic review that will consider a wide range of options, including asset sales, merger proposals and capital injections.
The company has already been selling assets and cutting costs to reduce debt.
It's also employed investment banking firm McDouall Stuart as its financial advisor.
Shares fell 8 cents to 33c on the news.
