Hurricane Energy's largest shareholder has moved to oust the company's management team.

Crystal Amber Fund, which owns 28.9 per cent of Shetland-focused Hurricane, said the oil and gas explorer would be "better served under new management". It has issued a requisition notice for a shareholder meeting, seeking to remove Hurricane chairman Philip Wolfe, chief executive Antony Maris and finance chief Richard Chaffe.

Hurricane, which has seen a sharp revival in its fortunes amid surging oil prices, put itself up for sale last month after receiving a takeover proposal that it rejected as too low. The company has said it will return up to $70 million to shareholders in the first quarter of next year if it fails to attract a buyer.

READ MORE: West of Shetland oil pioneer Hurricane Energy profits rise

Hurricane said it is considering the content of the notice and has advised shareholders to take no action at this time. It added that all potential buyers have been asked to submit a bid by January 7.

"Given the excellent traction we are seeing in the [formal sales process], which the company commenced to explore all options for shareholders and to fulfil Crystal Amber's goals, the decision to issue the requisition notice at this point is simply mystifying," Mr Wolfe said.