Tullow - comment

Tullow have appointed a new non-executive Director to the Board. Roald Goethe, who has held senior positions with Trafigura Group, has been appointed with immediate effect. Mr Goethe has significant experience in West Africa, having previously worked with Trafigura Group in their oil trading activities, primarily in West Africa, and subsequently, with his own Company, Delaney Petroleum Ltd, trading oil and petroleum products primarily in Africa and the Middle East. One of the criticisms of the current board is the lack of equity ownership. This will change with Mr Goethe’s appointment, as he is a long-term shareholder of the Company, holding c. 22 million shares (c. £7.5m).