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Tullow Oil’s long-serving CEO and founder is to step down in April and retire within two years, the company said as it announced lower than expected production for this year due to teething issues at a new field.
The disappointing trading update sent the shares down around 3 percent in early dealings, erasing all the gains the stock had made earlier this week on the back of a $900 million deal to sell a stake in a Ugandan oil field to Total.
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