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Tullow Oil says sticking to Capricorn merger plans

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Tullow Oil has reiterated its guidance for full-year free cash flow of $200m at an oil price of $95 a barrel after recording $205m negative cash flow in the first half after an acquisition and an arbitration payment.

Capricorn's board supports the merger, but the group also said last week it was exploring alternative deals after unnamed parties expressed interest.

The deal requires approval from at least 75% of Capricorn shareholders, a threshold that might be in jeopardy if hedge fund investors who have been critical of the deal turn their derivative investments into direct shareholdings.

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