Deal of the Year: BP

Moving quickly, BP managed to salvage Iona Energy’s North Sea acquisition with an innovative crude oil options transaction

Energy Risk Awards 2014

In early February 2013, Iona Energy found itself in trouble. The Scotland-based, Canada-listed oil and gas producer was less than three weeks away from finalising a major deal: the acquisition of a 15% working interest in the Huntington oil field in the North Sea from Houston-based Carrizo Oil & Gas. To complete the deal, Iona needed to raise between $200 million and $250 million, and it had been working with its banks to put together a reserve-based loan (RBL) for the necessary funds.

Then

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