Another major investor has hit out at Capricorn Energy’s board for approving a merger with fellow London-listed player Tullow Oil, describing the decision as “inexplicable,” while depicting Tullow as the “one of the worst performing” oil and gas companies.

Palliser Capital, a UK-based hedge fund holding 5% of Capricorn shares, wants the board to exit the merger, saying the deal is unlikely to be approved given growing shareholder opposition to the proposal.