Chad Griffin and Lisa Rickelton were appointed as joint administrators of Iona Energy Co. (UK) Plc and Iona UK Huntington Ltd., parent company Iona Energy Inc. said Jan. 6. Griffin and Rickelton are both with global business advisory firm FTI Consulting LLP.

On Nov. 18, 2015, Iona Energy Inc. said a financial restructuring could not be completed, after a proposed farm-out partner decided not to proceed. Insolvency procedures would be likely needed to protect stakeholders’ interest, because alternative funding was unlikely, the parent company also said that day.

The appointments of Griffin and Rickleton come after the U.K. companies’ business and assets were marketed; this process of maximizing value for creditors continues with certain licenses in the U.K. North Sea, particularly the Orlando Field development and Kells license, the company said.

Administrators are assessing potential transactions related to the Orlando project, and there are ongoing discussions with interested parties.

A transaction to transfer the Trent and Tyne licenses will probably happen soon, the company said. Discussions are progressing regarding the potential transfer of the West Wick license, and one of the companies working under the Huntington license received a default notice regarding the joint operation agreement.

Arrangements are being made to withdraw from, or relinquish other licenses.

Offshore