Shares drop for Tullow despite outlook

SHARES in exploration company Tullow fell 25 cents to €10.95 in afternoon trading Dublin yesterday after it despite issuing a strong trading statement on the outlook for the current year.

In it the group said the current “unprecedented’ strength in oil and gas prices has put the company in a position to significantly enhancing shareholder value.

Tom Hickey, the chief financial officer of the group said Tullow was benefiting from the high oil prices and the first half “should be significantly ahead of this time last year”.