Threat of Tullow collapse looms
The failure of multiple projects in Africa and depressed oil prices puts the company in ‘significant doubt’
Last year was harrowing for Irish independent Tullow Oil. Production downgrades, disappointing exploration results offshore Guyana and delays to key African projects triggered a share price collapse of more than 70pc. The company’s full-year results show market concerns were fully justified. Tullow posted a $1.7bn after-tax loss in 2019, partly from reduced output at the Jubilee and TEN fields in Ghana. These problems were compounded by failure to make progress on crucial projects in Kenya and Uganda. Assets in both countries contributed towards a write-off charge of $1.25bn. Tullow looks unlikely to recover in 2020. The collapse of the Opec+ alliance and the growing threat of Covid-19 mea
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