Thompson takes over from Founder Heavey, Tullow Oil
Tullow Oil plc (Tullow) announced the appointment of Dorothy Thompson as independent non-executive Director and Chair-designate of Tullow with effect from the conclusion of the Group’s Annual General Meeting (AGM) on 25 April 2018. It is anticipated Thompson will succeed Aidan Heavey, Tullow’s current Chairman and Founder, as Chair at the conclusion of the Board meeting scheduled for 20 July 2018. Aidan will retire from the Board at the same time.
Board Changes at Tullow
• Paul McDade, currently Chief Operating Officer, will be appointed Chief Executive Officer following Tullow’s Annual General Meeting on 26 April 2017. This follows an internal and external process led by Tullow’s Nominations Committee. • At the same time, after six years on Tullow’s Board and five as Chairman, Simon Thompson will step down from the Board. • Aidan Heavey, Chief Executive Officer and founder of Tullow Oil, will succeed Mr. Thompson as Chairman of the Group for a transition period of up to two years.
Tullow Settle Uganda Tax Dispute
Tullow Oil has agreed to pay $250 million to settle a tax dispute with the Ugandan government out of court, almost half of the sum the east African country had originally demanded in tax relating to a sale of oil licences. Legal proceedings have now been dropped, Tullow said on Monday. Shares in Tullow were rose 0.7 percent by 0942 GMT. "The settlement of this long-running dispute is good news for Tullow and Uganda," said Tullow Chief Executive Aidan Heavey.
Africa's "sweet spots" Still Viable After Price Rout
"Sweet spot" exploration to go ahead despite price drop; Frontier projects, such as pre-salt suffer most. African oil explorers will keep drilling in select locations such as onshore east Africa and less complex projects off the West African coast even with oil at $60 a barrel, executives and analysts told Reuters. But they warned that African governments with reserves in less attractive locations should revise terms now or forfeit the investment, leaving the oil and gas underground.
Tullow Oil in Red but Committed to Africa Strateg
Tullow Oil Plc drifted into the red after writing off more than $400 million in exploration costs but the Africa-focused explorer remained confident that its strategy will pay off. A disappointing run of oil wells exploration in Mauritania, Ethiopia and Norway over the past six months translated into a half-year net loss of $95 million because of $402 million in writeoffs. The British energy company is counting on drilling projects in Kenya and Ethiopia this year and next to improve its exploration performance.
Tullow Exiting North Sea for African Focus
Sells majority stakes in two UK assets for $75.6 mln; stakes sold to Faroe Petroleum. Faroe to take over operatorship of Schooner, Ketch fields. Tullow Oil has sold majority stakes in two UK North Sea gas fields to Faroe Petroleum for $75.6 million, a deal that kick-starts Tullow's withdrawal from mature basins as it looks for new fields in Africa. The London-listed FTSE 100 company had announced its intention to sell its UK and Dutch Southern North Sea assets in late 2012 but found it difficult to attract buyers.
