Tullow Oil appoints new chair in board overhaul amid refinancing talks (updated)

Tullow Oil

01/12/2025 07:48

Updates with context from paragraph 2

Dec 1 (Reuters) - Tullow Oil TLW.L on Monday launched a major board reset and appointed independent non-executive director Roald Goethe as chair, replacing Phuthuma Nhleko, as the West Africa-focused oil producer looks to refinance its debt.

The company also announced the immediate departure of three independent non-executive directors, shrinking the size of the board to four members and cutting the company's cost base.

The group is seeking to refinance its capital structure amid mounting debt and delayed payments from Ghana’s government.

Goethe has extensive experience in oil and gas, with a focus on African energy markets, oil trading and commercial strategy, including business development and M&A, Tullow said. He has been on the company's board since February 2023.

Tullow's board now comprises Goethe, independent non-executive director Rebecca Wiles, CEO Ian Perks and CFO Richard Miller.

 (Reporting by Ankita Bora in Bengaluru; Editing by Eileen Soreng)

 ((Ankita.Bora@thomsonreuters.com;))