Energy SpA — Capital/Financing Update 2015

Sep 23, 2015

Bondholder Meeting Summons - Extension to Complete Restructuring

Bondholder Meeting Summons - Extension to Complete Restructuring

Iona Energy Inc. ("Iona" or the "Company") (TSX

VENTURE:INA), a Canadian independent oil & gas company

with assets in the UK North Sea announces that it has

today published a summons to a bondholders' meeting (the

"Summons") to be held on September 30, 2015 to approve

certain amendments (the "Amendments") to the terms of the

restructuring of Iona (the "Restructuring") which was

approved and agreed by the bondholders of Iona Energy

Company (UK) plc (the "Bondholders") at a meeting on 6

August 2015.

Since the 6 August Iona has progressed the implementation

of the Restructuring however, it has become clear that

further time is required to finalise certain of the

documentation. Accordingly, to facilitate completion of

the conditions precedent to the Restructuring, the

Company is proposing an extension of the long stop date

for completion of the Restructuring from September 30,

2015 to November 30, 2015.

The Company has received strong support from the ad hoc

committee of Bondholders. Approval is subject to a two

thirds majority of bondholders voting in favour.

Further details of the proposed Amendments are outlined

in the Summons published today. The Summons can be found

at the Company's website at www.ionaenergy.com.

The Restructuring and all its constituent transactions or

arrangements are in agreed form but remain subject to

negotiation and execution of final documentation.

The Company specifically draws the attention of

shareholders and Bondholders to the Forward Looking

Statements section of this release and to the Summons. In

particular, the Company also draws attention to the

consequences of not receiving a positive bondholder vote

at the forthcoming meeting and/or not implementing the

various potential arrangements.

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 material

terms, anticipated effects and anticipated timing of the

Restructuring, (including the proposed Amendments), and

future business plans of Iona. 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 business plans described in this announcement are

changed as a result of new developments or information,

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.

There remains significant uncertainty with regard the

implementation of the Restructuring. In the event that

the Amendments are not approved by Bondholders by

September 30, 2015 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.