Iona Energy’s administrators hope to complete the sale of the defunct company’s shares by the end of January 2017.
Earlier this week it emerged that new suitors had come forward for Iona, which holds 75% of the Orlando and Kells licences in the North Sea.
Previously, Bridge Petroleum had a sale and purchase agreement in place to buy Iona, but it had to pull the plug on the deal last month when its funding fell through.
Following Bridge’s withdrawal, Iona entered into exclusivity with major international private equity investors over its sale.
And an update from administrators at FTI Consulting suggested a deal could be closed out early next year.
They said: “We have now signed an exclusivity agreement with one party in relation to a sale of the shares in Iona with a view to completion of a transaction by 31 January 2017.”
Iona went into administration about a year ago after failing to restructure its finances.
Last week, the company was removed as the operator of the Orlando and Kells licences.
Operatorship was handed to Atlantic Petroleum, which holds 25% of the two assets.