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Tullow CEO Says Hedge Funds Helped Scupper Deal With Capricorn

  • Africa-focused oil explorer maintains strategy, CEO Dhir says
  • Company aims to find partner for Kenya project this year
Rahul Dhir

Rahul Dhir

Source: Tullow Oil Plc

Tullow Oil Plc’s failed deal with Capricorn Energy Plc was dragged down by hedge funds taking short positions and “emotional investors” who didn’t properly assess its value, according to its chief executive officer.

After focusing on controlling costs and lowering risk during his first two years leading the Africa-focused company, Tullow CEO Rahul Dhir in June unveiled a tie-up with Capricorn. Those plans were scuppered last week after Capricorn ditched Tullow and announced another deal with NewMed Energy LP