Diversified Gas & Oil, which will move to the London Stock Exchange's main market later in the month, said it would pay a dividend of 3.5 cents per share after daily production had been maintained at 94,000 barrels of oil equivalent per day throughout the first quarter despite Covid-19 disruptions.

The AIM-listed firm also revealed it had pulled in $78m of earnings during the period, consistent with what it recorded a year earlier.

Chief executive Rusty Hutson said DGOC's handling of market disruptions vindicated its business model.

Hutson said: "Navigating unprecedented market volatility and general economic uncertainty validates the business model DGO defined nearly 20 years ago.

"Having now formally announced our plans to transition from AIM to a premium listing on the Main Market, I remain optimistic as ever about the firm's future as we continue to evaluate ways to create long-term, sustainable value for shareholders."

As of 1500 BST, DGOC shares were up 0.31% at 96.30p.