Latest news with #RichardMiller
Irish Independent
07-08-2025
- Business
- Irish Independent
Tullow Oil shares hit a five-year low as asset sales shrink future cash flow
The Irish-founded, UK-based oil company said average production in 2025 may be as low as 40,000 barrels a day, less than half its output in 2018. Tullow, which was founded by Irish accountant Aidan Heavey in 1985, went on to become one of the UK stock market's hottest independent oil explorers after making several major African discoveries in the late 2000s. By 2012, the business had a market capitalisation of €18bn, boosted by speculation it was on the cusp of being taken over by an oil major, high prices and a string of oil finds. However, the cost of servicing debts taken on to develop its African interests combined with an oil price slump from 2014 shifted that trajectory dramatically. Shares have fallen from a high of £13 each in 2012 to below 12p each by yesterday. The shares sank as much as 22pc yesterday, the lowest since April 2020, after the company reported another production decline in first-half results. 'Our 2025 strategic priorities remain clear: refinancing our capital structure, optimising production, increasing reserves and completing the sale of our Kenyan assets,' interim chief executive officer Richard Miller said in a statement. He sold his vintage cars and mortgaged his house to raise £1m to get the business off the ground A company spokesperson declined to comment on the share drop, but said Tullow has a long-term strategy for oil production, having signed an agreement with Ghana in June to extend its licenses there to 2040. Tullow attracted a strong Irish following as it listed in Dublin and London, as shareholders bet on Mr Heavey. The former Aer Lingus accountant set up Tullow Oil after learning of opportunities to exploit small fields considered uneconomic by oil majors. The native of Roscommon sold his vintage cars and mortgaged his house to raise £1m to get the business off the ground and initially targeted Senegal in west Africa. He led the business for decades as it expanded into a significant player in the sector, before stepping down as CEO in 2017 aged 64, having stayed on as the firm struggled with the fallout of plunging oil prices in 2014 and 2015. More recently, Tullow has struggled to bring Kenyan fields onstream. This year it agreed to sell the Kenyan deposits and offloaded assets in Gabon.
Reuters
06-08-2025
- Business
- Reuters
Tullow Oil cuts annual production forecast, posts interim loss
Aug 6 (Reuters) - West Africa-focused Tullow Oil (TLW.L), opens new tab on Wednesday lowered its 2025 production forecast to account for the sale of its Gabonese assets, as the company continues to streamline its operations to boost performance, and reported a first-half loss. Its shares fell 10% in early trading. Tullow now expects output of 40,000-45,000 barrels of oil equivalent per day (boepd) for the year, down from 50,000-55,000 boepd projected earlier. It reported an average production of 40.6 kboepd in the first half, excluding Gabon. "In the second half of the year we are focussed on refinancing our capital structure, production optimisation activities and continuing to optimise our cost base," finance chief and interim CEO Richard Miller said. Miller added that Tullow had taken actions to address recent underperformance at its Jubilee oilfield in Ghana, with further "optimisation potential" identified. Tullow operates mainly in Ghana, Gabon, Côte d'Ivoire, and a few other African countries, with most of its output coming from the Jubilee and TEN oilfields in Ghana. The company reported a loss after tax of $80 million from continuing operations for the first half, compared with a profit of $106 million last year, driven by lower revenues, impairment charges and higher costs.
Yahoo
05-08-2025
- Yahoo
Former Broome family court judge ordered to pay $200K in discrimination case
A former Broome County judge has been ordered to pay $200,000 in compensatory damages after a federal jury ruled he discriminated against an employee. On July 31, a civil case against 62-year-old Richard Miller II, a former Broome County Family Court judge, came to a conclusion when a federal jury in Syracuse found Rachelle Gallagher, a former court secretary for Miller, faced discrimination based on her gender while working for him. The lawsuit, filed in December 2018, alleged a "toxic environment" created by the judge from 2015 to the summer of 2017. After the jury reached its decision, Richard Miller's attorney Thomas H. Miller said on his behalf the claims made in the lawsuit are "without merit." "He is grateful that this stage is over and that he can now move on with an appeal," Thomas Miller said. More: Umpire attacked after Dickinson softball game, Buffalo man charged with assault Accusations against former Broome judge Among the accusations against Miller were forcing Gallagher and the judge's court attorney Mark Kachadourian to view pornography that included a nude photo of a coworker, making sexual demands, using graphic and crude descriptions of sexual acts and asking Gallagher to engage in sex acts with an unnamed elected official for political favor. The lawsuit additionally argued Miller made comments about satisfying his own sexual desires and demanded Gallagher satisfy his sexual needs. Miller was also accused of making threats against Gallagher and Kachadourian if the harassment behaviors were reported. The harassment allegedly began in January 2015 when both Gallagher and Kachadourian began working in Broome County Family Court. The lawsuit claimed both reported Miller to court administrators, but no action was taken at the time to investigate the misconduct. Based on the evidence presented in the case, federal jurors didn't find that Kachadourian was subjected to a hostile work environment or retaliation. Gallagher and Kachadourian's attorneys, Justin Quinn Davis and William J. Dreyer, did not respond to a request for comment. A closer look: Investigation into Miller's conduct In the summer of 2017, Miller was removed from the bench and reassigned to other duties after an investigation into the alleged harassment was conducted by the Unified Court System. In February 2020, the New York State Commission on Judicial Conduct determined the judge should be removed from office for numerous acts of misconduct, sexual harassment and failure to report and pay taxes. After the commission proceedings began, Miller filed amended tax returns, amended his financial disclosure forms and filed a report with his court clerk. By March 2020, he was suspended with pay by the state Court of Appeals. The decision stayed in effect until October 2020, when Miller was officially removed from the bench after the court found his conduct consistently exceeded the ethical bounds of judicial behavior. This article originally appeared on Binghamton Press & Sun-Bulletin: Former Broome judge ordered to pay $200K in discrimination case Solve the daily Crossword
Zawya
23-07-2025
- Business
- Zawya
Tullow Oil signs $120m Kenyan assets sale deal to Gulf Energy
Tullow Oil Plc has signed a sale and purchase agreement with Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, to divest its entire interest in Kenya for a minimum cash consideration of $120 million. The deal, which marks an exit of the London-based firm from the country, was executed through Tullow Overseas Holdings BV, a wholly owned subsidiary of Tullow Oil Plc. Gulf Energy will act as guarantor for Auron Energy, while Tullow will guarantee the seller's obligations.'We are pleased to announce the signing of the Kenyan SPA (sale and purchase agreement), marking another step closer to completion of the transaction with Gulf Energy. For a total consideration of at least $120 million, the transaction supports our strategic priority to strengthen the balance sheet, with the first two payments totalling $80 million expected before the end of the year,' said Richard Miller, Tullow's chief financial officer and interim chief executive officer. The transaction involves the transfer of 100 percent of the shares in Tullow Kenya BV, the entity that holds all of Tullow's Kenyan assets. These assets include approximately 463 million barrels of potential oil reserves. The deal will be split into a $40 million payment due on completion, $40 million payable at the earlier of Field Development Plan (FDP) approval or June 30, 2026, and $40 million payable over five years from the third quarter of 2028 onwards. An FDP outlines how an oil company intends to develop a petroleum field, manage the impact on the environment and society, as well as give forecasts for production and costs.'In addition, Tullow will be entitled to royalty payments, subject to certain conditions. Tullow also retains a no-cost back-in right for a 30 percent participation in potential future development phases. This right can be exercised if a third-party investor participates in future development phases, whether through a sale or farm-down of the purchaser's interest in the assets,' Tullow said. In addition to transferring the assets, Auron Energy will assume all past and future decommissioning responsibilities and material environmental liabilities associated with the Kenyan operations, except for a single outstanding community petition, which remains Tullow's responsibility. The completion of the deal is subject to the approval of the Competition Authority of Kenya, and the successful physical and functional separation of Tullow Kenya from the wider Tullow group. Tullow expects the deal to be finalised later in 2025, with the first payment received upon closing and subsequent payments aligned with key project milestones. Tullow began exploring for oil in Kenya in 2010, having partnered with Africa Oil and Centric Energy to acquire interests in five onshore licences. Their first significant exploratory drilling occurred in early 2012, culminating in the discovery of oil at the Ngamia-1 well in Turkana County. This marked Kenya's first confirmed oil find. These early efforts put Kenya on the path towards becoming an oil-producing nation. The delays in full-scale production stemmed from a combination of infrastructure, regulatory, and financial challenges. In 2023, the withdrawal of Tullow's joint venture partners, TotalEnergies and Africa Oil, left it as the sole operator and funder of the project, increasing financial pressure. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Malaysian Reserve
29-06-2025
- Business
- Malaysian Reserve
Payments Platform Optty Kicks Off Next Stage of Growth with Appointment of Industry Leader Richard Miller as New CEO
SYDNEY, June 30, 2025 /PRNewswire/ — Optty™, the Australian-founded global payments technology company, has appointed global industry leader Richard Miller as its new Chief Executive Officer, effective immediately. Alan Miltz, Chairman of Optty said: 'As CEO, Richard Miller will lead Optty's next phase of global expansion, scaling and streamlining our pioneering platform that connects more than 145 payment methods (including digital wallets, Buy Now Pay Later (BNPLs) and credit/debit cards) through a single integration.' Optty's Board of Directors sees Miller's appointment as key to Optty's commitment to growth through partnerships, financial inclusion and product innovation. Miller will continue to build enduring relationships with merchants, processors and payment providers as the Singapore-headquartered company scales up. Miller says: 'I'm thrilled to join Optty at this pivotal time. Optty has built an extraordinary proposition that simplifies and accelerates eCommerce and in-person payments for the world's merchants, processors and acquirers. In a world where ways to pay have proliferated, Optty offers a uniquely powerful solution to simplify the technical challenge of offering broad consumer choice.' 'It will be my privilege to lead Optty's dedicated team as we work with our partners around the world to unlock the next wave of value and impact.' Miller's experience spans more than two decades of global leadership in fintechs, payments, and strategic consulting. His previous senior roles include ConnectID/ Australian Payments Plus, Deloitte, National Australia Bank and The Boston Consulting Group. Miller is widely respected across the Australian and international payments landscape for his strategic insight, collaborative leadership and deep industry expertise. Miltz said: 'Richard brings a rare combination of strategic clarity and execution experience across global payments. His leadership, deep fintech expertise, and commitment to partnership will be critical to delivering on our global ambitions. The Board and I are delighted to welcome Richard's appointment as CEO.' 'For Optty it marks a significant step as we scale our reach and relevance in what is a rapidly evolving global payments landscape.' 'We would also like to thank Steven Ritchie for his exceptional leadership as interim CEO and are pleased to announce that Steven will continue to help lead the business in an expanded capacity as Chief Operating Officer.' For interviews/more contact Media@ About Optty: Optty is a global payments infrastructure platform for PSPs, gateways, acquirers and merchants that provides a single integration to 145+ payment partners in 140 countries and 120 currencies (and growing). Optty empowers partners to access and provide payment innovation at scale, enabling them to add local payment methods across nine payment types; BNPL, digital wallets, credit/debit, gift cards/virtual cards, crypto, pay with points, open banking, P2P and payouts as well as additional value-added services in ESG, Fraud Prevention and Tokenization. Optty's simplified API integration requires no further development for any payment methods to be enabled, saving thousands of development hours for partners and merchants alike. Optty is a Certified B Corp, founded out of Australia and the UK, headquartered in Singapore and global in its service coverage. Optty powers limitless ways to pay with unrivalled simplicity. Media@
