Long-haul low-cost flight provider Oasis Hong Kong Airlines has closed its operations after being in service for less than two years.

Oasis boss Stephen Miller held a press conference to announce the news after the Hong Kong airline stopped operating and applied to go into liquidation yesterday.

Reports surfaced that the budget carrier was in severe financial difficulties, and although chief executive Mr Miller failed to provide details initially following the decision to shut up shop, he has since cited rising oil prices as a contributing factor.

"It is with great regret Oasis Hong Kong has today voluntarily applied to the Hong Kong court to appoint a liquidator," Mr Miller commented.

Meanwhile, Cathay Pacific has expressed sympathy for the stranded passengers, noting that it will do its best to assist passengers stranded in Hong Kong, London and Vancouver as a result of the decision by Oasis.

Oasis Hong Kong Airlines was a long-haul low-cost operator offering scheduled flights to London, Vancouver and its main base Hong Kong.

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