Tullow Oil - comment

Tullow has experienced a significant departure of its independent non-executive directors, with the Chairman and three other directors stepping down with immediate effect. This leaves only two non-executives, including Roald Goether, a former adviser and employee of Trafigura Group, who has been appointed Independent Non-Executive Chair. The board now consists of four members: two non-executives and both the CEO and CFO.

The Company have reiterated the statement that they are advancing plans to refinance the Company’s capital structure, but provided no concrete evidence. S&P have caught up with the story, downgrading the bonds to CCC-, outlook negative.