The Chief Executive Officer of UK’s Tullow Oil, Paul McDade, has stepped down after the company lost more than half its value.
Tullow’s troubles stem from “technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field,” Reuters reports.
Due to these challenges, Tullow has lost half its value and been forced to downgrade output estimates by 14%, according to figures provided by Reuters.
Further challenges in Uganda and Kenyan wells have led to Tullow’s precarious position.
“The board has … been disappointed by the performance of Tullow’s business and now needs time to complete its thorough review of operations,” Executive Chairman of Tullow, Dorothy Thompson said in light of today’s news.
Tullow’s director for exploration, Angus McCoss has also resigned.
With over 50% loss of share value, Tullow has revealed it is open to offers to acquire the company at fair market value.
Tullow Oil was a pioneer of oil exploration in Ghana but apparently, have failed to yield as much as expected, contributing significantly to its current troubles.