San Leon Energy said discussions with two potential takeover suitors have been terminated.
China Great United Petroleum and Geron Energy Investment have both confirmed that they do not intend to make an offer for the company, San Leon Energy said.
Discussions, however, are continuing with Midwestern about a transaction that could constitute a reverse takeover.
"Therefore, the company's ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an admission document," the company said.
"These discussions may or may not lead to a transaction being completed between San Leon and Midwestern."