Tullow Oil shares suffered a fresh crash — falling by as much as 20% — after it said its latest oil find is smaller than expected.

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.

Tullow Oil, a multinational explorer with partners including Anadarko Petroleum Corporation will invest $2.2bn (€1.7bn) next year to drill wells in Ghana’s Jubilee and Tweneboa-Enyenra- Ntomme oil fields.