Petroleum Africa
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Tuesday, December 10, 2019
Paul McDade, Chief Executive Officer, and Angus McCoss, Exploration Director, have resigned from the Board of Tullow Oil with immediate effect. The Irish independent states these departures were by mutual agreement, but it is strongly believed they were basically given little choice.
The resignations sent shock waves through the exchanges with the share value plummeting by almost 70% in the FTSE 250 oil and gas explorer ranking. According to a Financial Times report, this was “one of the worst single day performances by a significant London-listed company this decade. More than £1.4 billion was wiped off Tullow’s market capitalization, valuing the company that was once worth more than £14 billion at a little over £560 million.
Tullow, a significant force across Africa, has substantial holdings in 80 exploration and production licenses across 15 countries, including Ghana and Uganda, from where some of the issues they have experienced over the past couple of years have emanated. In Ghana, production at the Jubilee and TEN fields has under-performed for various reasons and in Uganda, failure to come to terms with the government on a number of issues in a timely manner over the past decade, has had an effect on the company’s bottom line.
In related news, Dorothy Thompson has been appointed Executive Chair on a temporary basis and Mark MacFarlane, Executive Vice-President, East Africa and Non-Operated, has been appointed as Chief Operating Officer in a non-Board role. Les Wood continues as an Executive Director and Chief Financial Officer. The Board has initiated a process to find a new Group Chief Executive.
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