Eco Atlantic Oil and Gas has raised £8.4million in new capital through a strategic alliance with Africa Oil Corp (AOC).
AOC has subscribed for shares in Eco taking a 19.77% interest in the firm.
Eco is focused on work programmes in both Guyana and Namibia through a series of agreements with Tullow Oil, AziNam, and Total and these new agreements with AOC.
The money will be used to actively identify, negotiate and contract new oil and gas exploration assets and conduct initial work programmes.
The boardroom of Eco will be adjusted in order to match up the changes to the shareholder register.
Derek Linfield, a non-executive director of Eco, will step down from the Board of Eco in order to make room for Keith Hill, president and chief executive of AOC.
Mr Hill will become a non-executive director while Mr. Linfield will continue to serve as a consultant.