Iona Energy Inc.
TSX VENTURE : INA

Iona Energy Inc.

April 16, 2015 02:00 ET

Iona Energy Inc.: Huntington Operational Update

CALGARY, ALBERTA--(Marketwired - April 16, 2015) -

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 and gas company with assets in the UK North Sea makes the following operational update regarding production from the Huntington field.

The Company previously advised that Eon, the Huntington Operator, had notified resumption of service from the Central Area Transmission System ("CATS"). The Company is pleased to report that the four production wells at Huntington are now fully back on stream and currently producing around 25,000 bbls of oil per day with around 3,000 boe of associated gas per day exported into CATS (28,000 boe/day gross, 4,200 boe/day net to the Company's 15% working interest).

The above production rates are in line with expectations of initial rates from the wells post a period of shutdown and consistent with the assumptions made by the Company in its 5th March announcement that production will naturally decline through 2015 and that there may be reduced access to CATS during June and July for gas terminal maintenance.

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.

Notes on Oil and Gas Disclosure

As used in this press release, "boe" means barrel of oil equivalent on the basis of 6 thousand cubic feet ("mcf") of natural gas to 1 barrel ("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.

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.
    Tom Reynolds
    CEO
    +44 (0) 1224 228400
    info@ionaenergy.com

    Iona Energy Inc.
    Robert Gair
    CFO
    +44 (0) 1224 228400
    info@ionaenergy.com

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