Energy SpA — Capital/Financing Update 2015

Nov 16, 2015

Result of Bondholder Meeting

Result of Bondholder Meeting

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 that all

amendments to the terms of the restructuring (the

"Restructuring") of Iona, proposed to bondholders at the

bondholder meeting earlier today, have been approved (as

described in Iona's press release issued on November 9,

2015). In particular, these amendments mean that the long-

stop date to complete the Restructuring has been extended to

January 15, 2016.

On September 27, 2013, Iona, via its UK subsidiary, Iona

Energy Company (UK) plc (the "Issuer"), issued US$275

million in senior secured bonds. On November 9, 2015, the

Issuer published a summons (the "Summons") to a bondholder

meeting proposing to the bondholders certain amendments to

the terms of the Restructuring.

Today at a meeting of bondholders, motions have been passed

to approve all the amendments in accordance with the

proposals made by the Issuer in the Summons.

ENDS

Additional information relating to the Company is available

on SEDAR at www.sedar.com.

For further information please contact:

Tom Reynolds, CEO

Telephone: +44 (0) 1224 228400

Billy Clegg / Georgia Mann, Camarco

Telephone: +44 (0) 20 3757 4980

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. www.ionaenergy.com.

Forward-Looking Statements

Some of the statements in this announcement are forward-

looking, including statements regarding the anticipated

timing and completion of the Restructuring. When used in

this announcement, the words "expects," "believes,"

"anticipate", "plans", "may", "will", "would", "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 regarding future

contractual terms and anticipated timing which may be beyond

Iona's control, and are subject to risks and uncertainties

that could cause actual outcomes to differ materially from

those suggested by any such statements, including without

limitation, the risk that the Restructuring is not

implemented for any reason, the risk that the final terms of

the definitive agreements implementing the Restructuring (or

portions thereof) are different than those anticipated, and

the risk that the Restructuring is delayed or does not have

the anticipated positive impact upon the Company. 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.

In the event that the Restructuring is not implemented by

January 15, 2016 then the Company will likely default under

the terms of the Bonds. In an event of default, bondholders

could require immediate repayment of the Bonds.

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.