Iona Energy Inc.
TSX VENTURE : INA

Iona Energy Inc.

April 08, 2015 02:50 ET

Iona Energy Inc. Operational Update

CALGARY, ALBERTA--(Marketwired - April 8, 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 Huntington field has been operating under gas export rate restrictions since October 2014 which has reduced the rate of oil production from the field. The Company has been advised by the Huntington field operator, Eon, that the CATS operator has confirmed a resumption of normal operations. Management of Iona understands that different fields which use CATS are being brought on line. Eon has confirmed to Iona that the Huntington field is ready for full ramp up when unrestricted access to CATS is made available. Iona will update the market when that occurs.

Iona's net production (Huntington 15%, Trent & Tyne 20%) for the first three months of the year is shown in the table below.

January 2015 February 2015 March 2015
Huntington (boe) 1,130 1,451 1,599
Trent & Tyne (boe) 206 238 250
Total (boe) 1,336 1,689 1,849

The increasing Huntington production rate over the 3 months period was delivered by two wells which were choked back to comply with prevailing restrictions. The availability of the Huntington FPSO has been excellent through the first three months of 2015.

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

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

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