Schroder Investment Management has emerged as the biggest shareholder in Tullow Oil with a stake of nearly 17.8 per cent, according to a disclosure by Tullow to the Stock Exchange. Although this shareholding was only notified to Tullow last week, it is understood that does not reflect any recent buying of the shares by Schroders. Rather, it seems the shareholding, which was held for some time in a wide range of non-beneficial accounts by Schroders, was only recently put together for compliance purposes and notified to the company.

After Schroders with its 17.8 per cent stake, M&G is the next biggest shareholder with 10.8 per cent, followed by Centrotrade with 8.8 per cent. Centrotrade is the investment company of Tullow non-executive director Mr Eskandar Maleki. Other shareholdings are held by Enterprise Oil with 3.7 per cent and Tullow's chief executive with 3 per cent.