Written by Sarah Young | From Reuters

Tullow Oil lost over 200 million pounds ($308 million) of its market value on Monday, hit by concerns that a boundary dispute between Ivory Coast and Ghana could delay a project off the coast of West Africa.

The Africa-focused firm is developing the TEN project off the coast of Ghana, in waters over which there is a maritime boundary dispute between Ghana and Ivory Coast.

Ivory Coast has made a request to the authority handling the case, the International Tribunal of the Law of the Sea (ITLOS), that Ghana suspend ongoing exploration and exploitation operations in the disputed area while the matter is considered.

Tullow now faces a period of uncertainty while the tribunal makes a decision on the Ivorian request, which the company said was expected by the end of April.

Ghana dismissed fears of possible suspension of the project, saying there are no grounds for the grant of the Ivorian request.

“Government therefore says it sees no reason for any change in behaviour unless and until the Special Chamber of the ITLOS so orders, which the Government considers highly unlikely,” a government statement said late on Monday.

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