Shares in Mercom Oil Sands slumped 0.88p to 1.5p because its farm-in agreement with Nordic Petroleum has fallen through.
This means that the share price has fallen by 85% since the placing at 10p a share in May 2012.
Mercom entered in to the agreement to acquire a 50% stake in four oil sand leases in the Chard field in Alberta, Canada. However, the two parties could not agree on proposals to go ahead with the deal. Nordic says Mercom is in breach of contract
Mercom is valued at £4.75m. Mercom raised £3.35m when it joined Aim.
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