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. The  firm also said it  needed more time to  finalise an earlier agreement with  bond holders after it confirmed that a farm-in deal remained unfinalised. Iona had  raised £185 million from  the sale of  bonds before falling  oil prices and production problems at the Huntington field in  which it has a stake  forced it to seek an  extension of terms on the  debt until the start-up on Orlando.

The company called for a  meeting of bond holders later this month to amend the terms of a restructuring deal agreed in August.