Iona Energy Inc.

August 16, 2011 09:01 ET

Iona Energy Announces New Chief of Subsurface

ABERDEEN, SCOTLAND and CALGARY, ALBERTA--(Marketwire - Aug. 16, 2011) -

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

Iona Energy Inc. (TSX VENTURE:INA) is pleased to announce that Mr. Colin Tannock has joined the company as Chief of Subsurface.

Colin Tannock has more than 30 years experience in the energy business. He gained a bachelors degree in geology from the University of Glasgow, followed by an MBA from the University of Strathclyde. Joining Conoco North Sea in 1978 as a development geologist and petrophysicist, he was a member of the technical team responsible for the re-determination of the UK North Sea Fields Thistle and Dunlin and later as a Senior Geologist at Ultramar Exploration he supervised the early discovery and appraisal of the Ross and Markham fields.

In 1985, Colin joined Geochem Laboratories as Manager of the Basin Studies Division and provided consultancy services to North Sea operators Hamilton Brothers, Phillips, and BP, most notably as the Project Manager for British Petroleum's re-appraisal of the Clyde field.

Later, as Chief Geologist at Aran Energy Exploration, he was involved in the appraisal and development of the Alba, Griffon, and Schiehallion fields. Following their acquisition by Statoil in 1996, Colin became the North Sea Asset Manager responsible for the rationalization of Statoil's and Aran's North Sea assets.

1996 saw him begin an 11-year stay at Talisman Energy (UK) as Area Exploration Manager and associated with the discovery and appraisal of the Beauly oilfield, an untapped pool north of Beatrice and the development of the Halley field for Shell's Fulmar platform. He was responsible for successful applications in the UKCS licensing rounds 22-24, and the development of a new acreage position in the Atlantic margin.

Prior to joining Iona, Colin was the Geoscience and Exploration Manager for TAQA Bratani where he was a member of the evaluation team that successfully proposed the acquisition of Shell's Northern Fields to TAQA. He also supervised the evaluation of 'near field' potential for the Northern Fields and Brae areas resulting in six 26th Round awards and farm-ins. Colin was a member of TAQA's international peer review forum.

Neill Carson, Iona Energy's Chief Executive Officer commented:

"Iona is very pleased to have engaged the services of Mr. Tannock who is an extremely capable addition to the Team here in Aberdeen. Colin has 30 years of experience analyzing and exploring the UK's subsurface geology, has led the evaluation, discovery, or acquisition of some of the UK's most notable fields, and has managed asset portfolios that make him very well-suited for his new role here at Iona. Colin is a welcome addition and we're excited to have him."

About Iona Energy:

Iona Energy Inc. and its wholly owned subsidiary Iona Energy Company (UK) Limited ("Iona" or the "Company"), is an oil and gas exploration, development and production focused on oil and gas development and exploration in the United Kingdom's North Sea.

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Iona Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, whether used in connection with the estimated drilling times of the Orlando well, estimated production levels and future activity or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Iona Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The TSX Venture Exchange Inc. has in no way passed upon the merits of and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Iona Energy Inc.
    Neill A. Carson
    Chief Executive Officer
    +011 (44) 7919 057989

    Iona Energy Inc.
    Brad G. Gunn
    Chief Financial Officer
    (403) 775-7442