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Nostrum Oil & Gas said it was unable to sustain a commercial flow of hydrocarbons from a well in Kazakhstan.
The disappointing outcome followed extensive testing on Well 41 in the Frasnian reservoir.
The company said it would now consider whether there were alternative approaches that it could take to perforate other reservoirs.
'Nostrum notes the extreme weakness in the company's share price and bond price,' it added.
'The company is working hard to try to address this through the strategic review announced on 24 June.'
Nostrum Oil & Gas had hired Goldman Sachs to carry out a review of all strategic options available to maximise value for stakeholders.