Bridge Petroleum 2 Limited agreed to acquire Iona Energy Company (UK) Plc from Iona Energy Inc. (OTCPK:IONA.F) on June 1, 2016. An initial deposit of £0.25 million was made by Bridge. Bridge Petroleum agreed to provide a $2 million (£1.38 million) fund which will be ring fenced for distribution to approved claims of creditors; additionally Bridge Petroleum will fund Iona to repay $5.7 million (£3.93 million) of Iona’s outstanding bond debt prior to buying the remaining bond debt. A deferred consideration will be made by Bridge Petroleum with respect to the bond debt. In a related transaction, Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) entered into an agreement with Bridge Petroleum for its 25% interest in the Orlando development; and this transaction is contingent upon Bridge Petroleum acquiring Iona Energy Company (UK) Plc. All the employees of Iona Energy Company will be retained. The transaction received approval by the creditors on June 17, 2016. The transaction was earlier expected to close in late July and postponed till August 31, 2016 further postponed till October 31, 2016. Chad Griffin and Lisa Rickelton of FTI Consulting acted as joint administrator for Iona Energy Company (UK) Plc. CMS Cameron McKenna LLP, Akin Gump LLP, HBJ Gateley, Thommessen, Appleby, Insolvency Support Services Limited, RSM and Sweeney Kincaid acted as legal advisors for FTI. Currency conversion are made through www.oanda.com on June 6, 2016. Frank Fowlie, Katy Moir, Norman Wisely of CMS Hasche Sigle acted as legal advisor to Iona Energy Company (UK) Limited