Shares in Tullow Oil tumbled by 3 per cent after the FTSE 100 explorer announced a $670m (£417m) write-off for 2012 to cover the cost of dry holes and licence relinquishments.
In a trading statement ahead of its full-year results next month, Tullow said it expects a busy start to the year as its key oil producing field, the Jubilee field in offshore Ghana, ramps up to full capacity.
The company's shares fell 39p to 1,186p.
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