TULLOW Oil failed to impress shareholders with a trading update yesterday, despite analysts describing the company’s announcement as largely positive.
Aidan Heavey, Tullow chief executive, said the group had taken “a number of important steps” to ensure that it “remains on a firm financial footing”.
The firm has suffered a series of setbacks over the last year, and in March tumbled out of the FTSE 100 after its share price dropped by over 50 per cent in the past 12 months.
Yesterday, Tullow said it expects to report revenue of $800m (£512m) for the six months to 30 June, $1.3bn lower than the same period in 2015. Nevertheless, Brenda Kelly at London Capital Group said the update was positive, but added: “Clearly the drop in global oil prices has taken its toll.”
Shares closed trading yesterday down by 1.65 per cent.