Iona Energy Inc.
TSX VENTURE : INA

Iona Energy Inc.

November 03, 2014 02:05 ET

Iona Energy Announces Senior Management Appointments and Insider Buying

CALGARY, ALBERTA--(Marketwired - Nov. 3, 2014) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA), a Canadian independent oil & gas company with assets in the UK North Sea is pleased to announce changes to its senior management team based in the UK and insider buying of shares in the Company.

Highlights

  • Appointments to senior management team to drive forward the Company's next stage of growth and deliver on the "production, scale, yield" model :
    • Robert Gair to join as CFO and Kevin Holley as Corporate Controller; a strong partnership with high level experience covering equity markets, transaction delivery, banking and financial control
    • James Lund appointed as Head of Operations and Development to shape a highly driven delivery organisation
    • Gregor Maxwell appointed as Head of Business Development to augment the acquisitions effort by the Company
  • Over 1.7 million shares purchased by insiders (Directors, Staff and new starts) in short trading window

Tom Reynolds, CEO of Iona Energy commented:

"I believe our new, energetic and talented senior management team has the skill sets and experience to execute Iona's new "production, scale, yield" strategy. I am delighted that the Company has been able to attract such high calibre and experienced individuals.

"I look forward to working with the new team and driving forward the Company's new strategy."

New Management Team

Robert Gair, CFO

Robert Gair will join the Company from Trinity Exploration & Production plc on 24 November 2014.

Robert has spent his career focused on M&A and capital raising in the energy sector. Most recently Robert was Corporate Development Manager with Trinity Exploration & Production plc where he was a core member of the team that took the company public via a reverse takeover, raised US$90 million of equity funding and grew the company through bolt-on acquisitions. Prior to Trinity, Robert was an investment banker with Deutsche Bank, CIBC World Markets and latterly with RBC Capital Markets where he gained extensive experience advising and raising capital for international E&P companies. Robert holds a BSc. in Mathematics from Edinburgh University.

Kevin Holley, Corporate Controller

Kevin Holley joined the Company in September 2014 as the Group's Corporate Controller. He has over 25 years of experience in a diverse range of business sectors and has extensive knowledge of public accounting practices in audit and taxation. Kevin was Group Financial Controller for The Parkmead Group plc for the previous four years. Prior to joining Parkmead, Kevin held a senior finance position with an AIM listed oil services group. Kevin is a Chartered Certified Accountant.

James Lund, Head of Operations and Development

James Lund will join the Company by 1 December 2014 from Ithaca Energy to shape a highly driven delivery organisation.

James is a Chartered Engineer with over 18 years of diverse offshore and onshore experience in the North Sea. He has held senior positions throughout his career in all aspects of production management and development projects including asset, project and operations management. James has previously been employed by Coflexip Stena Offshore (now Technip), ExxonMobil and latterly at Ithaca Energy (Uk) Ltd, where over a period of 7 years he developed Ithaca's engineering, project execution and asset management capability. He was responsible for their two main developments Jacky and Athena along with the day to day management of their operated assets.

Gregor Maxwell, Head of Business Development

Gregor Maxwell has joined the Company from Apache Corporation to augment the drive for acquisitions by the Company.

Gregor has over 18 years of industry experience covering both technical and senior managerial roles in the North Sea and internationally. He has held leadership positions across the upstream value chain encompassing new ventures, exploration, asset development and asset management. Previously, he held roles with Apache North Sea, Rocksource ASA, and Chevron. At Rocksource ASA, he held the position of Chief Operating Officer and was responsible for building the company's exploration portfolio leading to the recent Pil and Bue exploration success. Gregor holds a Ph.D in Petroleum Geology from the University of Aberdeen.

Members of the former senior management team Dave Sherrard, Robin Baxter, Graham Heath and Phil Oldham have left employment with the Company. The Company wishes to thank all of them for their respective contributions to growing Iona.

Share purchases

Insiders (Directors, Senior Management and staff) purchased over 1.7 million shares in a short trading period.

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

Camarco is a financial public relations group assisting the Company with this press release.

About Iona Energy:

Iona is an oil and gas company with assets 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, are intended to identify forward-looking statements. Such statements are not promises or guarantees, are based on various assumptions by Iona's management, including assumptions which are beyond Iona's control, 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

  • Tom Reynolds, CEO
    +44 (0) 1224 228400

    Billy Clegg / Georgia Mann, Camarco
    +44 (0) 20 3757 4980