Tullow Oil’s share price was up 9% in early morning trading in London on Monday after the company signed two important deals with Switzerland-based commodity trader Glencore, including a short-term debt facility.

The debt deal evens out Tullow’s debt maturity profile which has been a concern for investors, but the agreement still fails to address how the company will fund its challenging Lokichar oil project in Kenya following the recent exit of TotalEnergies and Africa Oil.