Tullow open to offers as shares tank, CEO quits

Tullow Oil’s acting chief has said the company is open to takeover offers in light of its shares plummeting by nearly 72% on it cutting its production outlook, suspending dividend payments, and parting company with its CEO and exploration director.

The Irish-founded exploration company said chief executive Paul McDade and exploration director Angus McCoss have left the company “by mutual agreement and with immediate effect”.