Tullow Oil finance boss to take medical leave

 
Emma Haslett
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A view of an oil flare from a Total Elf
The Africa-focused oil explorer had a rocky 2016 (Source: Getty)

Ian Springett, the chief financial officer at Africa-focused oil giant Tullow Oil, will take an extended leave of absence from the company in order to undergo treatment for a medical condition, the company said today.

Springett will be replaced temporarily by Les Wood, Tullow's vice president of finance and commercial, who joined the company in 2014.

The news comes after a rocky year for FTSE 250-listed Tullow. In July it unexpectedly posted a $30m profit for its first half, beating expectations of a $196m loss after production fell 22 per cent during the period. At the time, the company said it had been boosted by a cost-cutting programme it started in 2015.

However, shares had dipped earlier that month when the company launched a $300m bond auction, just months after it agreed a $3.5bn loan deal.

But in August things began to look up for the company, after it struck oil at offshore fields in Ghana.

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