Tullow Oil (TLW.L) shares plunge 25.6% after Ghana tax tribunal ruling
Tullow Oil shares fell 25.6% to 14.5p after an ICC tribunal ruled against the company in a Coin $196.5 million tax dispute with Ghana, including penalties equivalent to 100% of the tax assessment not covered by contractual protections.
5p, leaving the West Africa-focused independent oil and gas explorer among the London market's biggest decliners. 5 million tax dispute with Ghana. The tribunal rejected Tullow's argument that Ghana's corporate income tax assessment on insurance proceeds received between 2016 and 2019 breached its petroleum agreements. It also found that penalties equal to 100% of the tax assessment were not covered by Tullow's contractual protections.
3% year to date at the previous close.