Decipher Energy Limited entered into a conditional sale and purchase agreement to acquire Iona Energy Company (UK) Plc from Iona Energy Inc. (OTCPK:IONA.F) for $1 on February 21, 2017. Under the terms of the transaction, Decipher has agreed to acquire entire issued shares of Iona Energy for consideration of $1 and agreed to procure that Iona Energy shall pay $2 million on completion to allow distributions of Iona Energy’s unsecured creditors, approximately $1.5 million as a repayment of principal of outstanding bonds and approximately $0.5 million to the participants of Iona Energy management incentive plans. In addition, Decipher also agreed to procure that Iona Energy pays the remaining $3.5 million balance of the outstanding bonds. The transaction is structured in four steps wiz; (A) West Wick assignment, under which administrators entered into a sale and purchase agreement with Chevron in respect of the Issuer's 58.73% working interest in West Wick, (B) bank account and funding mechanic, under which settlement agreements are entered for costs and legal fees of joint administrators and bond trustees, (C) Pre-completion amendments to the bond agreement and (D) the terms of the Decipher procuring the above mentioned obligations to be paid by Iona Energy is to be met. An affiliate of Decipher will lend an amount of $4 million to Iona Energy. Decipher will nominate new directors and the existing directors of Iona Energy will resign. The deal is subject to oil and gas authority approval, approval from the requisite majority of the bondholders and receipt by Decipher's funding providers of certain European Commission or Bundeskartellamt merger control and/or competition clearances. The board of ona Energy Company (UK) recommends the bondholders to approve the transaction. Chad Griffin and Lisa Rickelton of FTI Consulting acted as joint administrators for Iona.