Even with oil prices climbing, people in West Texas say it doesn’t feel like the start of another boom, at least not yet.

Ed Miliband and Donald Trump have never been political bedfellows. But on the North Sea, it is no longer just the American president who is at odds with the Energy Secretary.

Pre-revenue exploration companies are holding a record $12 billion of cash as investors chase returns through the discovery of new mineral, oil and gas deposits.