LOW-COST oil exploration company Tullow yesterday warned it will cut over a third of its workforce as it reported a pre-tax loss for 2019 and warned of "material uncertainty" over its future.
Volatility in the global oil markets meant
Its dire set of results prompted its share price to tank 31.3 per cent to just 12.46p yesterday.
"This has been an intense period for Tullow as we have worked hard on a thorough review of the business which has led to clear conclusions and decisive actions," said executive chair
Total revenue dropped from
Production for 2019 averaged an equivalent of 86,800 barrels of oil per day, a 3.6 per cent fall on the previous year. Tullow put the loss down to write-offs and impairments from oil exploration.
(c) 2020 City A.M., source