Iona Energy sale agreement falls through after one funder pulls out

By Caroline Salls

Pittsburgh, Nov. 18 – Iona Energy Co. (UK) Ltd. said Bridge Petroleum 2 Ltd. is unable to complete the transaction under its sale and purchase agreement with Iona because one of its proposed funders determined that the company’s Orlando development no longer met its investment criteria.

According to a news release, Iona is assessing its alternative options.

Iona Energy is a Calgary, Alta.-based oil and gas company with assets in the United Kingdom’s North Sea.

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