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Tullow Oil sank to the bottom of the Europe-wide Stoxx 600 index on Friday morning, after it announced a £607m rights issue at a 45 per cent discount to yesterday’s closing price.

The company is looking to pay down some of the $4.8bn debt pile built up as it forged ahead with capital-intensive projects during the recent oil slump.

Shares in the group were down 11 per cent at publication time, to 211p, their lowest level since last September.

Copyright The Financial Times Limited 2017. All rights reserved.

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