Shares in Tullow Oil gain after Ghana ruling

Chief executive of Tullow Oil Rahul Dhir. 

Shares in oil and gas exploration company Tullow Oil gained on Friday after an international body found it wasn’t liable for a $320m (€310.8m) tax assessment in Ghana, where its key oil assets are located.

The International Chamber of Commerce (ICC) said the tribunal found the branch profit remittance tax assessment by the West African nation “falls outside of the tax regime provided for in the petroleum agreements,” according to a Tullow statement published late Thursday.