Tullow Oil

Ticker TLW

Today's data summary

Market open
% change
-2.02%
Price Pence
196.35
Change
-4.05
As of 08:45 16 Jan 2019
Market cap. Pound sterling
2,738.11 million
As of 08:45 16 Jan 2019

Latest updates

OPEC deal boosts oil stocks

Oil pumps
Getty Images

The FTSE 100 ended the week on the up, closing 1.28% ahead at 6,789.74.

John Wood Group, the oil services business, finished the day at the top of the blue chip risers, with its share price up 4.42% at 628p.

A production cut by OPEC and its allies sent oil companies to the top of both indexes.

On the FTSE 250, Premier Oil's share price rose 14.75% to 75.85, followed by Tullow Oil, up 7.4% at 189.6p and Cairn Energy, ahead 4.8% at 167.7p.

An earlier statement by Primark that it had experienced a "challenging November" meant that its parent company, Associated British Foods, was the biggest faller on the FTSE 100.

Its share price fell 4.6% at £22.42.

The FTSE 250 ended 0.51% higher at 0.51% at 17,844.11.

Tullow Oil slapped with $140m fine over Ghana contract

Oil rig
Getty Images

Tullow Oil has been fined $140m for illegally terminating a contract in Ghana.

A court ruled that Tullow was not entitled to terminate its West Leo rig contract with Seadrill Ghana Operations in 2016, by invoking the contract’s force majeure provisions.

The firm had made a provision of $128m for the fine in its 2017 annual report and accounts.

“Tullow is disappointed with the decision and maintains the view that it was right to terminate the West Leo contract for force majeure,” the company said in a statement.

“Tullow will now examine its options, including seeking leave to appeal the judgment.”