Iona Energy Inc.
TSX VENTURE : INA

February 17, 2012 13:10 ET

Iona Energy Renames Staffa to Kells and Submits Environmental Statement

CALGARY, ALBERTA--(Marketwire - Feb. 17, 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 that its UK Subsidiary, Iona Energy Company (UK) Limited, has gained acceptance by the Department of Energy and Climate Change ("DECC") to formally rename the Staffa Oil Field, located in Block 3/8d, to Kells, and has submitted to the DECC the Environmental Statement ("ES") associated with the field's development. The plan for Kells includes two production wells phased approximately 12 to 18 months apart with the first well expected to be drilled in the third quarter of 2012. The ES presents the findings of an environmental assessment conducted by Iona Energy. The ES concludes that, with the implementation of the proposed mitigation and risk reduction measures, the Kells project will not result in significant adverse effects on the environment. The ES will be subject to public consultation commencing shortly and a copy is available on Iona's website at http://www.ionaenergy.com/kells_es.pdf.

Peter Campbell, commercial manager at Iona Energy, commented: "The submission of the Environmental Statement is a key step in obtaining the statutory approvals for the development of the Kells field. Iona is pleased to have reached this milestone and with the good progress in delivering the Kells project in a safe and environmentally responsible manner."

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

About Iona Energy:

Iona Energy Inc. 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, including statements regarding Iona's plans with respect to development of the Kells property. Forward-looking statements include statements regarding the intent, belief and current expectations of Iona Energy Inc. or its officers with respect to various matters, including reserves, production, first oil, drilling activity or otherwise. 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 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