Tullow Oil appoints Les Wood as CFO after Springett resigns

Tullow Oil's chief financial officer Ian Springett has resigned from the board with immediate effect due to ill health.

The news follows an announcement back in January that Springett had taken an extended leave of absence to undergo treatment for a medical condition.

Les Wood, who was made interim CFO in January, has been appointed as an executive director and CFO with immediate effect. Wood joined the company in 2014 and was vice president for commercial and finance before being appointed interim CFO. Before that, he held various roles at BP, including regional CFO roles in Canada and the Middle East.

Chairman Aidan Heavey said: "I am very sorry that Ian’s medical condition has led to his decision to step down from the board. He has been an invaluable and highly-regarded colleague and friend since he joined the Board of Tullow back in 2008. His financial acumen and industry expertise were evident from his first day as chief financial officer and he will be greatly missed. We wish him continued success in dealing with his illness."

At 0812 BST, the shares were flat at 158.30p.