capricorn energy plc said tuesday that it is exploring a number of alternative deals in case its merger with tullow oil plc fails the company which agreed to its merger with tullow in june said it still believes in the longterm value of the deal but that the board is mindful of the impact that external factors and current market conditions could have the company is exploring a number of expressions of interest relating to alternative transactions and is engaging with those parties expressing interest to evaluate potential outcomes it said tuesday the company made the disclosure as it reported a swing to profit for the first half of the year and cut its fullyear production guidance capricorn made a net profit for the half year ended june 30 of 474 million compared with a loss of 1002 million the companys working interest production from egypt in the half year averaged 35500 barrels of oil equivalent a day it now forecasts production for the year of 33000 to 36000 boepd down from previous guidance of 37000 to 43000 boepd