Tullow Oil shares tank as CEO and head of exploration exit

Shares in oil and gas company Tullow Oil tanked on Monday morning after the company announced the departure of its chief executive and exploration director as well as plans to reduce capital expenditures and suspend the dividend.

Paul McDade, Tullow Chief Executive Officer, and Angus McCoss, Exploration Director, have resigned from the board of Tullow by mutual agreement and with immediate effect, Tullow said in a statement on Monday.

According to Reuters, Tullow’s shares tumbled 57% at 60.66 pence by 0954 GMT, the shares’ biggest daily loss since 2004.

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