Tullow Oil is expected to issue a statement today reassuring shareholders about the company's fundamentals after its share price fell by almost a third yesterday in Dublin, writes Emmet Oliver.

In Dublin the price fell from 69p to 46p in late trading, while in London it dropped 13.5p to 41.5p, which represented a 24.1 per cent decline in value. The company's share price has been as high as 151.5p in Dublin and 133p sterling in London in recent months.

A spokesman for the company said there was no "specific" reason for the current price, but said the company's statement would outline to shareholders the currently weak market for exploration stocks.

The company is currently waiting to conclude final details of a production sharing agreement on Block 9, near the capital of Bangladesh, with several other exploration companies.