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Texas focused oil explorer Nostra Terra said its chairman had resigned and that it had raised £0.32m from a share issue to strengthen its balance sheet amid a recent slump in oil prices.
New shares in the company were issued at 0.25p each.
Chairman Andy Morrison had resigned with immediate effect and been replaced by current director Steve Staley.
'Considering the macroeconomic challenges we're pleased to raise additional equity to help Nostra Terra to progress in this adverse market,' chief executive Matt Lofgran said.
'We look forward to building on the foundation in place throughout the year.'
At 9:57am: (LON:NTOG) Nostra Terra Oil Gas Company PLC share price was -0.13p at 0.35p