Tullow falls to third annual loss on more exploration write-offs

Tullow Oil missed forecasts to fall to a third consecutive annual loss on Wednesday as it wrote off more of its Africa-focused exploration business, sending its shares lower. Tullow, whose founder and long-serving CE Aidan Heavey will hand over to COO Paul McDade in April, was hit hard by the collapse in oil prices in 2014 just as it was investing heavily in its flagship TEN oil project off Ghana.