West Africa-focused independent oil and gas explorer Tullow Oil posted an annual profit on Tuesday, largely helped by a reduction in impairments and asset revaluation gains.
Tullow Oil has signed an agreement with Gabon Oil Company to sell its entire working interests in Gabon for $300 million in cash, the London-listed company said on Monday, as it looks to reduce its debt burden.
Shares of Tullow Oil jumped over 14% on Friday after the West Africa-focused company was exempted from a $320 million tax on its Ghana operations.
West Africa-focused Tullow Oil said on Thursday Chief Executive Officer Rahul Dhir will step down and also resign from the board next year.