Director dealings: Tullow Oil CFO lowers stake following Jefferies downgrade

Tullow Oil chief financial officer Les Wood disposed of 75,414 ordinary shares in the FTSE 250-listed exploration and production outfit.

Wood, who joined Tullow in 2014, sold the shares at an average price of 221.40p each, for a total value of £166,967.

On Wednesday, analysts at Jefferies downgraded Tullow to ‘hold’ from ‘buy’, with the stock in sight of its new 245p price target, which was reduced from 250p, as it said "the story needs a new chapter".

"Ghana production remains the most positive element of current operations but with both Uganda & Kenya final investment decision timings still uncertain, Tullow needs a new material, commercial asset to drive the stock," Jefferies said.

It added that the highly anticipated Jethro exploration well, offshore Guyana, is the event to provide it but pre-drill risked value is close to being fully priced in.

As of 1630 GMT, Tullow shares had dipped 1.03% to 221p.

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Top Director Sells

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Director name: Mr Les Wood

Amount sold: 75,414 @ 221.40p

Value: £166,967