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Tullow says finance head on medical leave; names interim CFO
January 5, 2017 / 7:53 AM / a year ago

Tullow says finance head on medical leave; names interim CFO

Jan 5 (Reuters) - Africa-focused oil producer Tullow Oil Plc named Les Wood, vice president of finance and commercial, as interim chief financial officer as its finance chief Ian Springett takes an extended leave of absence for medical treatment.

The company, which has production assets in Ghana and exploration acreage in Mauritania, Namibia and Zambia, did not specify how long Wood would remain the interim CFO.

The change comes amid a prolonged slump in oil prices, which has pressured Tullow’s balance sheet and added to its troubles including a technical issue at its prized Jubilee field and system issues at the multi-billion dollar TEN oil fields, both offshore Ghana.

In response, Chief Executive Aidan Heavey has tightened spending.

Tullow slashed full-year spending budget in November and lowered the forecast for its oil production in West Africa, even as a delay in ramping up output at TEN oil fields also weighed on outlook.

Wood, who joined Tullow in 2014, previously spent 28 years at BP Plc, including in regional CFO roles in Canada and the Middle East.

Springett, also an ex-BP regional finance head, has been in Tullow’s top finance job since 2008. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)

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