Tullow Oil shares dive as chief is ousted amid problems in Ghana

Oil and gas explorer scraps dividend as more than 1bn is wiped off stock market value

Shares in Tullow Oil more than halved after the company slashed its production forecast, scrapped its dividend and announced the departure of its chief executive and exploration director after problems at its fields in Ghana.

The London-listed oil and gas explorer said the chief executive, Paul McDade, and the exploration director, Angus McCoss, had resigned by mutual agreement. The firm will be run by the chair, Dorothy Thompson, a former Drax boss, until a new chief executive is found, while Mark MacFarlane, its East Africa chief, becomes chief operating officer.