Shares in Tullow Oil fall as debt plan revealed

Shares in the company fell almost 15% following the announcement, which took analysts by surprise.

Shares plunged in Tullow Oil following the surprise announcement it was issuing a £607m (€695m) sales share at a vastly discounted price, writes Padraig Hoare.

The Irish-founded exploration company offered an issue price of 130 pence yesterday for new ordinary shares, a discount of 45% to the closing price on the previous day.