Oil and gas explorer Bayfield Energy has raised £56million as part of plans to merge with Edinburgh and Trinidad-based Trinity Exploration and Production.
The merger, which will see Trinity listed and the new merged firm take on its name, is expected to complete in the middle of next month.
Bruce Dingwall, who co-founded and was chief executive of Aberdeen firm Venture Production, since acquired by Centrica, will become executive chairman.
The cash raised by London-based Bayfield through the issue of new shares on the alternative investment market is to be used to speed up the merged group’s plans.
Bayfield, which is focused on exploration and production around Trinidad, is forecasting production of 5,000 barrels of oil per day by the end of this year.
Six exploration wells are planned for 2013 and 2014.
Mr Dingwall, currently Trinity’s chairman, has said the reserves base offshore Trinidad is underevaluated and underdeveloped.
The enlarged firm’s chief executive, Trinity CEO Joel Pemberton, will be based in Trinidad and the company will have a development office in Edinburgh.