Tullow Oil announced that Paul McDade, chief executive officer, and Angus McCoss, exploration director, have resigned from the Board of Tullow by mutual agreement and with immediate effect.
Dorothy Thompson has been appointed executive chair on a temporary basis and Mark MacFarlane, executive vice-president, East Africa and Non-Operated, has been appointed as chief operating officer in a non-Board role. Les Wood continues as an executive director and chief financial officer. The Board has initiated a process to find a new Group Chief Executive.
Dorothy Thompson, executive chair, commented today: "I would like to thank Paul and Angus for all their hard work and dedication to Tullow over many years. They leave behind a business that has delivered two major offshore developments in Ghana, made significant oil discoveries in Kenya and Uganda and has a high-impact exploration portfolio. These remain the key building blocks of our business today.
“The Board has, however, been disappointed by the performance of Tullow’s business and now needs time to complete its thorough review of operations. A full financial and operational update will be provided at Tullow’s Full Year Results on 12 February 2020, with an update on progress to be given in the Group’s Trading Statement on 15 January 2020.
“Despite today’s announcement, the Board strongly believes that Tullow has good assets and excellent people capable of delivering value for shareholders. We are taking decisive action to restore performance, reduce our cost base and deliver sustainable free cash flow.”