RE:Tullow CEO Resigns overnight over poor performance Bloomberg reports poor production, cutting guidance for years ahead, suspended dividend, and cutting capes. The main culprit is 2 main fields in Ghana. The equity is worth 1.5 billion but the debt is approaching 4 billion pounds. There is a concern servicing that debt so the board ousted mgmt. It makes sense that the exploration plans or budgets will be re visited. Tullow needs more production to service the debt to pull out of it’s death spiral. Very sad...god speed...
Ps. There should be articles to post tomorrow. Now we know why they sat on the heavy oil results for 2 months. The axe was about to fall. Tullow shareholders must be choked. They are getting crushed.