The operator of the Shaikan oilfield in the Kurdistan region of Iraq is to urge its bondholders to remove a book to equity ratio ‘put option’ on its outstanding notes to boost its refinancing and sale prospects.
“We believe that it is appropriate to seek the removal of the book equity ratio put option in order to progress and complete a number of strategic and funding options,” commented chief financial officer Sami Zouari
The company said that because it plans to register an impairment on its non-core Akri Bijeel block, its book to equity ratio will be below 0.4
