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Anglo African Oil & Gas said Riverfort Global Opportunities and YA II PN had sold their entire interests in the company, held through an investor sharing agreement, for a combined £0.42m.
The shares were sold to Forum Energy Services, which would now have the right to appoint up to three directors to the company's board.
Anglo African Oil & Gas said it would receive sale proceeds of £0.36m, which would be applied towards its creditors and help supply sufficient working capital for the next six months.
Forum had confirmed that it had no current intention to dispose of its strategic stake in the company -- and had agreed to a lock-in with respect of 75% of the sharing agreement shares for three months from Monday.
'The board is confident that, of all the potential partners considered, Forum has the clearest vision and best contacts that will enable it to deliver value for shareholders in the long term,' chairman Sarah Cope said.
At 1:19pm: (LON:AAOG) Anglo African Oil Gas Plc Ord 5p share price was +0.03p at 0.38p