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San Leon Energy, a London-listed oil and gas company, said on Thursday that it has raised $200 million from investors at 45 pence per share to complete the acquisition of an indirect stake in OML 18, an oil field located in Rivers State, Nigeria.

The company which is quoted on the Alternative Investment Market (AIM) – the London Stock Exchange’s international market for small companies – said it will acquire 9.72 percent stake in OML 18 from Eroton Exploration and Production Company, a special purpose vehicle established by Nigerian oil entrepreneurs to purchase OML 18 from the oil majors. (Sahara Group, a leading Nigerian oil and company, reportedly owns 40 percent stake in Eroton E&P).

The deal also involves the acquisition of Mart Resources, one of three companies that own Eroton E&P.

San Leon also said that Mutiu Sunmonu, a former Managing Director of Shell Petroleum Development Company of Nigeria (SPDC), will be appointed as Non-Executive Chairman. Meanwhile, Oisin Fanning, the erstwhile Executive Chairman of San Leon will assume the role of Chief Executive Officer of the company.

“The Company anticipates full details of the transaction together with publication of an AIM admission document will be published shortly,” San Leon said in a statement.

Given that San Leon has a market capitalization of just £18 million, the company’s $200 (£153 million) acquisition of the oil block will constitute a reverse takeover. And under AIM’s listing rules, this will require shareholder approval, according to Sky News.

OML 18 currently produces about 50,000 barrels of oil per day (bopd) and more than 50 million standard cubic feet per day (mmscf/d) of gas, although there is a plan to increase production to 112,000 bopd by 2020.

In March last year, Eroton E&P became the operator of OML 18 after acquiring 45 percent stake in the oil field (30 percent from SPDC, 10 percent from Total E&P Nigeria, and 5 percent from Nigerian Agip Oil Company). The Nigerian National Petroleum Company (NNPC) owns 55 percent stake in OML 18.

Headquartered in Dublin, Ireland, San Leon has operations in Poland, Albania, Morocco, Spain, and France. The company posted a €214 million loss for the full-year ended December 31, 2015, with revenues of €145 million.