Tullow Oil shares fell as much as 36% on Wednesday to their lowest level since July after an International Chamber of Commerce tribunal ruled against the company in a $196.5 million tax dispute with Ghana. The case concerns corporate income tax assessed on proceeds Tullow received under a Business Interruption insurance policy for the 2016-2019 financial years. The tribunal found that the assessment did not breach Tullow’s Petroleum Agreements and that the 100% penalties imposed fell outside the contractual protections in those agreements. Tullow said it was disappointed, would consider its next steps after further discussions with the Ghanaian government and provide an update in due course.