{"id":761907,"date":"2019-12-10T13:31:31","date_gmt":"2019-12-10T13:31:31","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/12\/10\/tullow-ceo-paul-mcdade-resigns\/"},"modified":"2019-12-10T13:31:31","modified_gmt":"2019-12-10T13:31:31","slug":"tullow-ceo-paul-mcdade-resigns","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/12\/10\/tullow-ceo-paul-mcdade-resigns\/","title":{"rendered":"Tullow CEO Paul McDade Resigns"},"content":{"rendered":"

<\/p>\n

\n

Paul McDade<\/strong><\/p>\n

Shares in Tullow Oil more than halved yesterday as chief executive Paul McDade stepped down, as well as the company\u2019s exploration director Angus McCoss.<\/p>\n

The energy company also
\nscrapped its dividend after failing to meet production targets due to weak
\nperformance by flagship assets in Ghana.\u00a0<\/p>\n

Tullow has been plagued by
\ntechnical problems at its Jubilee field in Ghana and a delay in completing a
\nwell at the TEN offshore field, which led the company to cut its estimates for
\n2019 oil output last month.\u00a0<\/p>\n

Tullow also suffered blows
\nin recent months due to setbacks at East Africa projects in Uganda and Kenya,
\nas well as to its plans to develop oil fields in Guyana.\u00a0<\/p>\n

Its shares had slumped by
\n60 per cent in London trade Monday morning.\u00a0\u00a0\u00a0<\/p>\n

Tullow today also reset
\nits production outlook and is expected to produce 87,000 barrels of oil per day
\n(bopd) this year.<\/p>\n

It also forecast lower
\nproduction in 2020 of between 70,000 and 80,000 bopd, as it undertook a review
\nof its production performance issues.<\/p>\n

In a conference call, the
\ncompany said it was open to receiving offers to acquire the company at the
\nproper value.\u00a0<\/p>\n

The Africa-focused oil
\nfirm also suspended its dividend as it aimed to generate more cash to support
\nfuture investment plans and current explorations.<\/p>\n

\u201cThe board has,
\nhowever, been disappointed by the performance of Tullow\u2019s business and now
\nneeds time to complete its thorough review of operations,\u201d its executive
\nchairman, Dorothy Thompson, said.\u00a0<\/p>\n

Its Chief Financial Officer,
\nLes Wood, said Tullow remained \u201ccomfortable\u201d with its covenants with
\nbanks and the London-listed company said it had started a process to find a new
\ngroup Chief Executive.\u00a0<\/p>\n

Cantor Fitzgerald Europe
\ndescribed the difficulties the company announced as \u201ca bit of a kitchen
\nsinking\u201d.\u00a0<\/p>\n

\u201cInvestors may well agree that a reset is the correct approach, although that is unlikely to prevent another huge sell-off today,\u201d the financial services company said in a note. <\/p>\n

\u2013 RTE<\/em><\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Paul McDade Shares in Tullow Oil more than halved yesterday as chief executive Paul McDade stepped down, as well as the company\u2019s exploration director Angus McCoss. The energy company also scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.\u00a0 Tullow has been plagued by technical problems […]<\/p>\n","protected":false},"author":1,"featured_media":761908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-761907","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nTullow CEO Paul McDade Resigns - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/12\/10\/tullow-ceo-paul-mcdade-resigns\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Tullow CEO Paul McDade Resigns - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Paul McDade Shares in Tullow Oil more than halved yesterday as chief executive Paul McDade stepped down, as well as the company\u2019s exploration director Angus McCoss. 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