LONDON, Feb. 25, 2020 /PRNewswire/ -- As detailed in ARCM's recent statements (available here), we continue to pose questions to Premier Oil relating to the proposed acquisitions. For the benefit of all stakeholders, we call upon the Company to provide full and transparent responses to these questions.
This question list considers the Company's stated pro forma leverage ratio and the assumptions which form the basis for the Company's calculations. On page four of Premier Oil's presentation from 7 January (available here), the Company states that the proposed transactions would "significantly reduce forward accounting leverage ratio towards <1x by Q4 2021". Whilst this statement has been widely quoted by sell-side analysts in their coverage of the proposed transaction, we believe stakeholders need to have the answers to the following questions in order to fully understand the pro forma leverage metrics:
[1] Includes LCs of $371m and Mexico/JV cash of $28m as shown in on p. 7 of the Company's 2019 half-year data book (available here)
Contact:
Greenbrook Communications
[email protected]
+44-207-952-2000
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