Tullow Gains on $320 Million Ghana Tax Arbitration Case Win (1)

Tullow Oil Plc gained after an international body found it wasn’t liable for a $320 million tax assessment in Ghana, where its key oil assets are located.

The International Chamber of Commerce said the tribunal found the branch profit remittance tax assessment by the West African nation “falls outside of the tax regime provided for in the petroleum agreements,” according to a Tullow statement published late Thursday. The company filed a request for arbitration in 2021.

The shares rose as much as 14% to 25 pence. The stock pared gains to 24.34 pence as of 8:28 a.m. in London trading. ...