Tullow Oil value down £200m

Tullow Oil lost over £200m (€274m) of its market value yesterday, hit by concerns that a boundary dispute between Ivory Coast and Ghana could delay a project off the coast of west Africa.

The Africa-focused firm is developing the TEN project off the coast of Ghana, in waters over which there is a maritime boundary dispute between the two countries.

Ivory Coast has made a request to the authority handling the case, the International Tribunal of the Law of the Sea, that Ghana suspend ongoing exploration and exploitation operations in the disputed area while the matter is considered.