Two of the most prolific dealmakers in the North Sea are back. If rumours percolating the London market are well informed, Tom Reynolds and Iain McKendrick are about to take control of a Toronto-listed oil company with ambitions to become a North sea producer that pays a dividend.
Mr Reynolds, the former chief executive of Bridge Energy, which was listed in Norway and on AIM before it was swallowed by HitecVision for £100 million in September, apparently will take the same job at Iona Energy. Based in Aberdeen, it has reserves of 40 million barrels and is valued at a touch more than £78 million.
Mr McKendrick, chief executive of Ithaca Energy from 2008 until last autumn, will become Iona’s chairman. While at Ithaca, he was responsible for the Jacky, Athena and Stella developments and bought Valiant Petroleum for £200 million in February last year.
The pair are believed to have $500 million of support for the right deals. Iona has tax losses of more than £166 million, which could be offset against future acquisitions. A London listing further down the line should not be ruled out.