Tullow Oil plc (Tullow) is pleased to announce the signing of a Production Sharing Contract (PSC) for offshore exploration licence CI-803 in Côte d’Ivoire.
Ignoring stamp duty and broker’s fees, if I’d invested £1,000 in Tullow Oil (LSE:TLW) shares at the start of the year, I’d now have £865. Given that the oil price has consistently exceeded $100 a barrel throughout the period, a fall of 13.5% is disappointing.