Iona Energy Inc.
TSX VENTURE : INA

March 05, 2012 09:01 ET

Iona Energy Announces Orlando Operations Update

CALGARY, ALBERTA--(Marketwire - March 5, 2012) -

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 a drilling update on the Orlando well 3/3b-13. In the Company's preliminary prospectus dated February 28, 2012, the Company provided an update on the operations of its Orlando drilling activities. The Company now announces that technical repairs and "fishing" activity within the blow out preventer ("BOP") have been successfully completed. As previously released, a 9-5/8 inch casing was successfully set at 11,230 feet, from which point an 8-1/2 inch hole has continued to a current measured depth of 13,206 feet, putting the well approximately 50 feet above the targeted Brent reservoir within the planned trajectory for the development well. Awilco Offshore, the Rig Operator, is in preparation to recommence drilling and expects to have the well completed by mid-March. Prior to resuming drilling operations, the BOP will be removed in order to perform integrity testing and, in the event that the BOP does not pass the requirements of the test, a suspension of the well may occur. In the event that the well is suspended, the Company plans to complete the well using an alternative drilling rig with the goal to attain first oil from Orlando in 2013.

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

About Iona Energy:

Iona Energy Inc. and its wholly owned subsidiary Iona Energy Company (UK) Limited (collectively, "Iona" or the "Company"), 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.

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.

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
    +011 (44) 7919 057989

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