Tullow Oil shares slip as Aidan Heavey announces exit

Shares in Tullow Oil fell up to 3% yesterday after the Irish-founded exploration company announced its founder and chief executive Aidan Heavey is to step down and that its 2016 revenues are likely to have fallen by almost 19%.

In a wide-reaching end-of-year trading update and board change statement, Tullow said chief operating officer Paul McDade will take over as chief executive in late April.

Mr Heavey has led Tullow since founding the company in 1985. He will become chairman, depending on shareholder approval, succeeding the outgoing Simon Thompson.