Egdon Resources has agreed a deal to beef up its share in a licence in the East Midlands.
Hampshire-based Egdon will trade £50,000 worth of shares for 12.5% of the licence, which is in the Widmerpool Gulf.
It is acquiring the stake from Corfe Energy.
The transaction will give Egdon 45% of the licence, subject to approval by the Oil and Gas Authority.
Egdon managing director Mark Abbott said: “We are pleased to increase our operated interest in PEDL201 in the Widmerpool Gulf.
“This acquisition is consistent with our strategy of enhancing our position in our core areas where we see significant oil and gas potential.”