STOCK WATCH

■ ANGLO African Oil & Gas is slashing costs after the government authority it is partnered with in the Republic of Congo has failed to pay it more than £4m since September.

The AIM-listed firm said this means it might not be able to drill a well there – and drilling could be stymied anyway by a rig not being available until June. Separately, it is also preparing to take legal action in Paris over a bungled transaction in Tunisia. The splurge of bad news saw shares fall 69.6pc, or 1.6p, to 0.7p.