Iona Energy Inc.
TSX VENTURE : INA

Iona Energy Inc.

December 16, 2013 09:20 ET

Iona Energy Announces Huntington Operational Update

CALGARY, ALBERTA--(Marketwired - Dec. 16, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) is pleased to announce an operational update related to its Huntington Oil Field ("Huntington") located in the UK North Sea. Production at Huntington has returned to full capacity of approximately 30,000 bbls/d of oil and 25 MMscf/d of natural gas (5,265 bbls/d of oil and 4.4 MMscf/d of gas, 5,996 boe/d net to Iona) following the lifting of gas export restrictions at the BP Operated Central Area Transmission System ("CATS"). Outside of a brief period of disruption during extreme weather conditions between December 5th and 7th, the Huntington reservoir and Floating Production Storage and Offloading vessel have continued to perform steadily. Since coming on stream in April of 2013, thirteen cargos have departed Huntington and been sold at average realized oil prices attracting slight premiums to Brent.

The working interests in the Huntington field are E.ON E&P UK Ltd (25% Operator), Premier Oil plc (40%), Norwegian Energy Company ASA (20%), and Iona (15%). In addition to the working interest, Iona holds a gross overriding royalty of 2.55% of the total Huntington production, payable from the Huntington Joint Venture Partners.

Additional information relating to the Company is available on SEDAR at www.sedar.com.

About Iona Energy:

Iona is an oil and gas exploration, development and production company focused on oil and gas development and exploration in the United Kingdom's North Sea.

Notes Regarding Oil and Gas Disclosure

As used in this press release, "boe" means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Additionally, this press release uses certain abbreviations as follows:

Oil, Natural Gas Liquids Natural Gas
bbls barrels MMscf million standard cubic feet
bbls/d barrels per day MMscf/d million standard cubic feet per day
boe/d barrels of oil equivalent per day

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Iona Energy Inc.
    Neill A. Carson
    Chief Executive Officer
    +44 1224 228400

    Iona Energy Inc.
    Graham A. Heath
    Interim Chief Financial Officer
    403 605 6726

    Iona Energy Inc.
    David Ricciardi
    Investor Relations
    403 978 4894