Board of Tullow Oil PLC has initiated a process to find a new Group Chief Executive after its Group CEO Paul McDade resigned.
The Chief Exective Officer of Tullow Paul McDade and Exploration Director, Angus McCoss, have resigned from the Board of Tullow by mutual agreement and with immediate effect.
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. Executive Chair of Tullow, Dorothy Thompson said,”I would like to thank Paul and Angus for all their hard work and dedication to Tullow over many years.
They leave behind a business that has delivered two major offshore developments in Ghana, made significant oil discoveries in Kenya and Uganda and has a high-impact exploration portfolio.
These remain the key building blocks of our business today. She added, “Despite today’s announcement, the Board strongly believes that Tullow has good assets and excellent people capable of delivering value for shareholders.
We are taking decisive action to restore performance, reduce our cost base and deliver sustainable free cash flow.”
As disclosed in Tullow’s Trading Update on 13 November 2019, the Group expects 2019 full year net production to average c.87,000 bopd.
The Group also expects to deliver free cash flow of c.$350 million, has liquidity headroom in excess of $1 billion and no near-term debt maturities. Whilst financial performance has been solid, production performance has been significantly below expectations from the Group’s main producing assets, the TEN and Jubilee fields in Ghana.
Source: Fiilafmonline/JoyBuz
