Oil firm Decipher Energy hopes to sanction a project to “maximise the value” of the Orlando field in the northern North Sea early next year.
North Sea newcomer Decipher Energy has delivered first oil from the Orlando field less than two years after taking over the 10 million barrel project from a victim of the downturn.
Oil firm i3 Energy said yesterday that it had taken another “key step” on the way to developing the Liberator field.
Faroe-based Atlantic Petroleum has struck a deal to sell its take in the North Sea Orlando licence to a former boss at First Oil for $1million (£822,300).
An oil and gas company led by a co-founder of Ithaca Energy has raised £6.2million to put towards developing a field in the outer Moray Firth.
Administrators yesterday revealed the identity of the frontrunner for the acquisition of now-defunct Iona Energy.
Iona Energy’s administrators hope to complete the sale of the defunct company’s shares by the end of January 2017.
Atlantic Petroleum’s boss said yesterday that lower contractor costs and rising oil prices had boosted the prospects of the North Sea Orlando field.
Atlantic Petroleum has been chosen to operate the North Sea Orlando and Kells licences, which are 75% owned by now-defunct Iona Energy.
The main suitor for Iona Energy has dropped its bid for the defunct firm after one of its backers decided to pull out.
Iona Energy’s administrators have given the defunct firm’s main suitor another two months to find the funds needed for a takeover.
North Sea-focused oil and gas development firm Bridge Petroleum is believed to have missed a deadline to wrap up its purchase of Iona Energy, which went into administration earlier this year.
Shares in oil company Xcite Energy are under pressure after the announcement of first quarter results did little to allay fears surrounding its debt obligations that mature at the end of next month.
Atlantic Petroleum has warned that it still faces the prospect of going bust if a solution cannot be found following the collapse of Iona Energy and the North Sea Orlando field prospect.
The boss of defunct oil junior, Iona Energy, said he remained hopeful a buyer can be found for the Orlando oilfield in the North Sea, despite a deal that would have saved the company falling through at the last hurdle.
Oil and gas firm Atlantic Petroleum has postponed its financial results and hired an investment bank to find it a new backer as its partner on a North Sea field dices with bankruptcy. Faroe-Islands-based Atlantic has a 25% stake in the Orlando Field, located north-east of Shetland, which was expected to start producing by the end of 2016.
Iona Energy, the North Sea-focused oil & gas company, has had amendments to proposed restructuring plan approved at a meeting by bondholders today.
Iona Energy has called for a two month extension on a debt restructuring plan after it raised concerns about the “funding position” of its partner, Atlantic Petroleum.
Bondholders have agreed to a proposed restructuring of Iona Energy after unveiling the plans earlier this year. The next step following the approval will allow Nordic Trustee, which is acting as trustee to holders of the bonds, is to negotiate final documentation to implement the restructuring. It is expected to be completed by the end of September this year.
North Sea oil company Iona Energy said today it had agreed the sale of a non-core asset, its 2.5% stake in the Esmond Transportation System (ETS) to French energy giant Engie for £1.3million.
North Sea oil company Iona Energy said today its bond debt refinancing plan had significant support from investors.