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Carrizo selling North Sea assets to Iona for $184M

HOUSTON (AP) -- Carrizo Oil & Gas Inc. is selling its interest in a North Sea oil field to Iona Energy Inc. for $184 million, saying it prefers to invest elsewhere.

Iona will acquire the Carrizo UK Huntington unit and Carrizo's interest in the Huntington Field in the North Sea. Carrizo said it expects $116 million in proceeds after it repaying debt. The Houston-based company said the sale should close before the end of January.

Shares of Carrizo Oil & Gas closed at $21.81 on Thursday and have traded between $19.04 and $31.82 in the last year.