Atlantic Petroleum has issued notices to Iona Energy requesting special meetings of the Joint Operating Committees (JOC) over two North Sea licences.
The company is calling for talks to consider the removal of the operator from Orland and Kells.
In a statement, the firm said Iona as the operator of the field, must call such a meeting no less than seven nor more than 10 days after receipt of the request from Atlantic Petroleum North Sea Limited.
It comes after Atlantic Petroleum said earlier this month it had been advised by Bridge Petroleum that it is unable to complete the transaction for a 25% share of the Orlando asset.
Chief executive Ben Arabo said:“We have been working constructively with interested parties to resolve the issues around Orlando and Kells since Iona went into administration, and had entered into a sale and purchase agreement on our 25% of Orlando. This agreement was not concluded because the counter party was unable to complete.
“We now think that the Orlando project needs to move forward with an active operator in line with the obligations to the UK government under the license, and we are taking steps to ensure that this will happen. The Orlando development is an attractive development opportunity and we are working with interested parties and our funders to deliver value from Orlando.”
Only a couple of months ago, Iona Energy’s administrators gave the defunct firm’s main suitor another two months to find the funds needed for a takeover.
Bridge Petroleum had been set a deadline of August 31 to close out a sale and purchase agreement (SPA), but the firm asked for an extension.
Dorset-registered Bridge, which was incorporated earlier this year, signed the SPA (Sale and Purchase Agreement) to buy Iona from administrators in June.