Iona Energy Closes Senior Debt Facility & Huntington Oil Field Acquisition

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Iona Energy Inc. (INA.V) has closed its previously announced Senior Secured Borrowing Base Facility for up to US$250 million with Bank of America Merrill Lynch, Lloyds TSB Bank plc, and BNP Paribas.

Iona has also closed its acquisition of Carrizo UK Huntington Limited, which consists of: a 15% non-operated working interest in License P1114 of UK North Sea Block 22/14b covering the near-producing Huntington oil field development; royalties equivalent to 2.55% of total gross oil and gas production payable to Carrizo UK from the other Huntington Joint Venture Partners; a 100% interest in that part of Block 22/14d that contains the 3D seismically mapped extension of the Jurassic discovery which underlies Huntington and; Carrizo UK's ring-fenced tax losses totaling approximately US$125 million as at the transaction effective date of July 1, 2012.

Under the terms of the agreement, total consideration paid on closing by Iona to Carrizo Oil & Gas Limited, including financial and working capital adjustments was US$172.6 million.

INA shares gained two cents to $0.64.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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