Tullow financial officer to step down

Tullow Oil said today that chief financial officer Tom Hickey plans to resign so that he may live full-time in Ireland.

The FTSE 100-listed company said Mr Hickey's decision was made for personal reasons and "reflects the considerable personal demands of his role in a London-based multi-national company and his desire to live full time in Ireland".

Tullow said Mr Hickey would remain in situ until a replacement has been found, adding that it expected him to remain with until it announces interim results in August. Mr Hickey will also leave the board.

Mr Hickey (39) said the decision had been difficult but he believed it was the "best personal long-term course of action".

Market sources said Mr Hickey, who is a chartered accountant was highly regarded and had guided Tullow relatively unscathed through falling equity markets.

When he joined Tullow as finance director from Riada Stockbrokers in May 2000, the share price was 61 pence. At 5pm the shares were trading at 764.5 pence.

Aidan Heavey, Tullow chief executive, said he was disappointed but fully understood the decision.

In March Tullow reported a 57 per cent drop in pretax profits last year to £114.2 million (€148.79 million) on sales of £639 million as production rose 13 per cent to 73,100 barrels of oil equivalent per day.