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.

Output from Ugandan crude deposits being developed by companies including Tullow Oil and Total is unlikely to be exported as soon as the nation expects because of the scale of the infrastructure projects required to move the fuel out of the country.