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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.

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