Tullow Oil, the London-listed oil and gas explorer shorted by several major hedge funds, has seen a further slump in its share price this week.

Tullow shares dipped from 45.81pp on Friday to 43pp on Monday, following the announcement it is abandoning its Marina-1 drilling project in offshore Peru having failed to strike oil in the area.

Crispin Odey’s Odey Asset Management is one of a number hedge funds with long-standing bets against the driller. According to regulatory disclosures, Odey – whose flagship Odey European long/short equity strategy suffered a 10 per cent annual loss last year – has a 0.87 per cent short against Tullow.

US quant manager Squarepoint is also currently positioned short on the exploration firm, while BlackRock Institutional Trust and Bermuda-based Key Group Holdings have ramped up bearish bets against Tullow this year.

In the past, brand name UK hedge funds such as Marshall Wace and Lansdowne Partners also took negative stances on the firm.

Tullow shares have plummeted in recent months – collapsing from 241pp in mid-September last year to 43.57pp on Tuesday morning (18/02/20) – as the embattled driller faces difficulties on several fronts. Operational challenges in its Ghana fields, disappointing production forecasts, and the resignations in December of CEO Pat McDade and exploration director Angus McCoss helped push the company’s value down.