Friday 15 December 2017

Tullow chief paid €1.66m last year

Thomas Molloy

TULLOW Oil said yesterday that it paid chief executive Aidan Heavey €1.66m last year in salary, pension and shares.

The company's annual report added that Mr Heavey also held 6.24 million shares at the end of 2009 worth around €93.5m at yesterday's prices.

Mr Heavey (56) left Aer Lingus in the early 1980s to found Tullow Oil with his own money and has since become the longest-serving chief executive of any FTSE 100 company.

Tullow is the second-biggest company on the Irish stock exchange and the 32nd biggest company on the London exchange.

The oil company said yesterday it made two new oil strikes in Uganda, confirming the potential of the area around Lake Albert and bringing the country closer to its first oil production next year. Uganda is an important location and accounts for about a seventh of the company's value, analysts say.


Tullow said yesterday its Kasamene-3 well had confirmed 10 metres of oil pay, while the Kasamene-3A well discovered oil in the Wahrindi North fault block.

"These Kasamene and Wahrindi North exploratory appraisal results have successfully delineated the upside potential in this immediate area. This takes us a significant step towards first oil in Uganda," exploration director Angus McCoss said.

The news almost certainly means that reserves and resources will be increased from the confirmed estimate of 800 million barrels in the Basin at present, Davy Stockbroker analyst Joe Langbroek wrote in a note to investors yesterday.

Irish Independent

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