Tullow Oil loses CFO Tom Hickey

Source: Stock Market Digital

Date :28/04/2008 10:52:22

FTSE-100 listed oil and gas provider Tullow Oil Plc. has announced the resignation of chief financial officer Tom Hickey, who cited personal reasons for his departure.

Mr. Hickey was appointed as CFO in 2000, but will leave the company before the end of the year once the group has published its interim results, due in August.

In a statement, Tullow reflected on the demands of the job, saying: “Tom’s decision to leave Tullow reflects the considerable personal demands of his role in a London-based multinational company and his desire to live full-time in Ireland.

“Tom believes that it would not be possible for him to continue to fulfil the demands of his role from Dublin as Tullow continues its rapid growth.”

Growth

This announcement comes at an important time in the development of the company, as Tullow has shown rapid growth since its establishment 23 years ago by chief executive Aidan Heavey.

In particular, the company has secured a series of major deals, including the $570 million (£235 million) takeover of Energy Africa in 2004 and the $1.1 billion (£550 million) acquisition of Hardman Resources Ltd. in 2007.

Mr. Hickey has said that his resignation was “a very difficult [decision], but [he] believes it is the best personal long-term course of action.”

April 28, 2008