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Shares in Tullow Oil have dropped by 15 per cent in the wake of its $750m rights issue.

The rights issue, announced last month, has now completed, with the new shares starting trading today. At pixel time, the share price is down by 15 per cent at 197p.

The cash call has raised concerns that the oil group could return to its high-spending past.

Copyright The Financial Times Limited 2017. All rights reserved.

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