tullow faces long road to reputational recovery

摘要

UK-listed Tullow Oil is pledging “true transparency and openness” as it seeks to regain investor trust after its chief executive quit, it suspended dividends and fagged lower oil output from 2020 - spurring a 70pc drop in its share price. The fall in Tullow's stock value, on 9 December, slashed its market capitalisation to just over ￡560mn ($747mn). The frm has reduced its 2019 production guidance several times this year because of underperformance at its fagship operated assets in Ghana - the Jubilee feld and the Tweneboa-Enyenra-Ntomme (Ten) complex. And it now expects total output of 70,000-80,000 b/d next year and an average of 70,000 b/d in 2021-23, against 87,000 b/d this year. It has also sufered disappoint- ment with its discoveries ofshore Guyana, saying last month that it is reassessing their commercial value after fnding the crude to be heavy and sulphurous.