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Shares in Genel Energy dropped to an all-time low at the start of trading on Tuesday, after the oil group chaired by former BP boss Tony Hayward admitted that its flagship field in Kurdistan contains far less crude than originally thought. Again.

The group was valued at more than £3bn only three years ago, but by publication time its market capitalisation had fallen to only £164m.

Shares in the group fell 20 per cent, to 59p.

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