Britain's Tullow Oil shares plunge over 50% as CEO resigns

9 Dec by Vitaliy Dadalyan

Britain's Tullow Oil shares plunge over 50% as CEO resigns

Share the love y'all!

Britain's Tullow Oil shares plunge over 50% as CEO resignsTullow Oil shares more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana. The company has been plagued by technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field, which led Tullow to cut its estimates for 2019 oil output last month. Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya, as well as to its plans to develop oil fields in Guyana.