#275753
Postby subsurface » January 7th, 2020, 1:23 pm
Things not going too well for the old Tullow Team.
T5 Oil & Gas, an Africa-focused explorer founded by a group of Tullow Oil veterans, has warned there is a “material uncertainty” over its ability to stay in business for the next year if it fails to raise money to complete a key deal in Gabon after aborting a $45 million (€40.2 million) initial public offering (IPO) in 2018.
At present, valuations of quoted oil shares are extremely depressed relative to other sectors for a variety of reasons, including ongoing nervousness about the level of oil prices and the impact of climate change policies on investor sentiment,” said Mr Plunkett,
T5’s management team, including exploration director Gerard Sheehan and chief operating officer Philip Crookall, were paid only 50 per cent of their salary during 2018, with the remainder being accrued. Mr Plunkett’s $134,000 salary was accrued but not paid.
Its from the Irish times Not able to post the full link.