Business Irish

Sunday 17 December 2017

Outgoing CEO Aidan Heavey 'confident' for Tullow as Paul McDade takes the lead

Founder Aidan Heavey
Founder Aidan Heavey
Louise Kelly

Louise Kelly

Paul McDade has been appointed CEO of Tullow Oil to replace the firm's founder Aidan Heavey, who will now become Chairman.

"This has been an exceptionally busy few months for Tullow as we agreed to farm down our assets to our partners in Uganda, made substantial changes to our Board and launched a $750m rights issue," Mr Heavey said.

"We have also been working hard on moving towards Full Field Development in both Uganda and Kenya and have made good progress on the Jubilee Turret Remediation Project and optimising production from the TEN field.

"Consequently, as I hand over my role as CEO to Paul McDade, I am confident that Tullow has the financial and operational flexibility to prosper in 2017 and beyond."

Read more: Tullow Oil gets 95.3pc backing for oil explorer's planned share sale

The company released their trading update for the period 1 January to 26 April 2017 ahead of this afternoon's AGM.

Simon Thompson and Ann Grant have retired from the Tullow board while Jeremy Wilson has been appointed Senior Independent Director.

Tullow Oil announced on Tuesday that it had received acceptances for 95.3pc of the shares offered in the planned 25 for 40 rights issue prices at 130p per share.

Earlier this year, Tullow announced its plans to raise over €600m by selling shares at a discount, aimed at reducing the Anglo-Irish oil explorer's debt pile and invest in drilling sites.

The company's founder and outgoing CEO Aidan Heavey has sold almost one-third of his shareholding in recent weeks to raise funds to purchase shares at a lower price in a discounted rights issue.

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