Independent Oil and Gas has signed a £10m loan deal with London Oil and Gas, though its conversion value has come down from 10p to 8p a share since first announced on January 12. The convertible loan will provide IOG with £3m of working capital including licence fees and £7m and for funding future acquisitions. The shares rose 0.75p to 6.75p.

Faroe Petroleum has said it ended 2015 with a significant cash position of over £90m, and a largely undrawn debt facility. Graham Stewart, chief executive, said the group was “well prepared to face the challenges” of continuing low commodity prices.