Tullow slides on Ugandan project delay

first_img OIL explorer Tullow faced tough questions over its plans in Uganda yesterday, as shares dipped despite a 152 per cent increase in pre-tax profit in the last six months. Its $10bn (£6.6bn) project on oil fields once owned by Heritage stalled in January, after the Ugandan government disputed Heritage’s capital gains tax payments on the sale. Exploration director Angus McCoss told City A.M. yesterday: “It’s a very short-term situation and we want to make sure that we set the industry off on the right foot in Uganda.”McCoss added: “I think these things are characteristics of a new entrant to the oil industry. We encounter similar problems in other places; it’s the reality of being a frontier explorer.”Tullow, which is led by Aidan Heavey, saw its stock closed down 4.6 per cent at £12.38 after the results announcement raised concerns. “When you get beyond the headline figures you find significant problems in Uganda,” said Doug Youngson, oil analyst at Arbuthnot. “It’s misleading for the company to say this will be resolved in weeks, since it’s been going on for months. And the longer this goes on, the colder the deal gets for its partners Total and CNOOC.” Pre-tax profit more than doubled to $131m (£84.8m) in the six months to 30 June. Wednesday 25 August 2010 8:59 pm Share whatsapp Tags: NULL whatsapp Tullow slides on Ugandan project delay center_img More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com KCS-content Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmlast_img read more