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Oil and gas explorer scraps dividend as more than £1bn is wiped off stock market value
Shares in Tullow Oil more than halved after the group slashed its production forecast, scrapped its dividend and announced the departure of its chief executive and exploration director following problems at its fields in Ghana.
The London-listed oil and gas explorer said the chief executive, Paul McDade, and the exploration director, Angus McCoss, had resigned by mutual agreement. The firm will be run by the chair, Dorothy Thompson, a former Drax boss, until a new chief executive is found, while Mark MacFarlane, its East Africa chief, becomes chief operating officer. Continue reading...