Max Petroleum's auditors PriceWaterhouseCoopers have been called in to probe the non-disclosure of share options at the oil minnow.

Max Petroleum's chief executive Steve Kappelle and COO Ole Udsen have been suspended from their positions in the wake of the storm.

The oil producer said: 'The Company announces that it has suspended its Chief Executive Officer, Steve Kappelle, and Chief Operating Officer, Ole Udsen, pending an investigation into potential breaches of their employment contracts involving the undisclosed receipt of share options.'

Max Petroleum added: 'The scope of the investigation, however, will not be
limited to these matters.'

CFO Michael Young is understood to be at the helm while the probe is being conducted.