Tullow Oil - comment

Tullow appointed Ian Perks as its new CEO. Mr Perks worked for BG Group and Total, but since January 2021, he has been working as a consultant in the oil and gas industry, mainly in LNG. This appointment doesn’t fill us with confidence, given Mr Perks' last employment in Africa, which dates back to 2011. 

We had a suspicion that Tullow would not appoint a CEO at all, and our view was that Tullow was seeking to liquidate the business in the short to medium term. This appointment reflects the difficult situation Tullow is currently in.