Sunday 22 July 2018

Tullow Oil shares drop after drilling suspension

Tullow Oil Chief Executive Officer Aidan Heavey
Tullow Oil Chief Executive Officer Aidan Heavey
Donal O'Donovan

Donal O'Donovan

Shares in Tullow Oil dropped by more than 1pc today, continuing Monday’s decline following suspension of drilling operations at sites in Kenya.

Shares in Tullow Oil were down 1.1pc to 946.50 pence each at midday . Shares fell 1.6pc on Monday.

The Irish founded, London Stock Exchange listed,  company said on Saturday that it had suspended drilling operations on two blocks in northwest Kenya due to security concerns, after local residents held protests demanding for more jobs at the sites.

Tullow and partner African Oil have struck oil on both blocks and are in the process of determining the commercial viability of the sites.

But protestors have complained that not enough jobs are being created for local people.

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