Tullow Oil shares drop after Ghana tax ruling
Tullow Oil shares tumbled after a tribunal rejected its claim against a $196.5 million tax assessment by Ghana. The company will consider its next steps following the ruling.
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Tullow Oil PLC lost a $196.5 million tax dispute with Ghana on Wednesday morning, sending its shares plunging 45.1%. The tribunal ruled that Ghana's corporate income tax assessment on insurance proceeds did not violate petroleum agreements. The rout puts the Africa-focused producer on track for its worst trading day since December 2019.
