Iona Energy gets request for meetings to consider new license operator

By Caroline Salls

Pittsburgh, Nov. 28 – Iona Energy Co. (UK) Ltd. received notices from Atlantic Petroleum North Sea Ltd. requesting special meetings of the joint operating committees of UK Licenses P.1606 and P.1607, the Orlando and Kells licenses, to consider the removal of Iona as the operator of the licenses, according to an Atlantic Petroleum news release.

In connection with Iona’s administration, the notices seek election of Atlantic Petroleum as the operator of the licenses.

As the operator, Iona is required to call the requested meetings not less than seven or more than 10 days after receipt of the request.

“We have been working constructively with interested parties to resolve the issues around Orlando and Kells since Iona went into administration, and had entered into a sale and purchase agreement on our 25% of Orlando,” Atlantic Petroleum chief executive officer Ben Arabo said in the release. “This agreement was not concluded because the counter party was unable to complete.

“We now think that the Orlando project needs to move forward with an active operator in line with the obligations to the U.K. government under the license, and we are taking steps to ensure that this will happen.

“The Orlando development is an attractive development opportunity and we are working with interested parties and our funders to deliver value from Orlando.”

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

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