Tullow to book $1.5 billion writedown on oil price outlook, reserves
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LONDON (Reuters) - Tullow Oil is to take a $1.5 billion (1.15 billion pounds) writedown after cutting its long-term oil price assumptions by $10 to $65 a barrel, a downgrade to reserves in Ghana and disappointing exploration wells, the company said on Wednesday.The writedown at Africa-focused Tullow comes after the exit of CEO Paul McDade in December and the scrapping of the group's dividend after the group failed to meet production targets due to a weak performance at its assets in..