Capricorn expects Q4 merger progress

The proposal to combine with Tullow would create a large independent with an Africa-focused portfolio

London-listed independent Capricorn Energy expects to progress its proposed merger with fellow UK independent Tullow in the fourth quarter, but it is also assessing potential “alternative transactions”, the firm’s board confirms. “The board continues to believe that the proposed merger with Tullow can deliver significant long-term value” and create a “leading, Africa-focused energy company”, Capricorn says. The independent plans to issue documentation on the proposed merger in the fourth quarter, “ahead of a shareholder meeting”. However, Capricorn is also “assessing all options to maximise value for shareholders” by “exploring a number of expressions of interest relating to alternative tran