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Energy SpA — Earnings Release 2015
Apr 16, 2015
4100_rns_2015-04-16_f7dad265-f059-4107-9b38-7eaf1f82b50e.pdf
Earnings Release
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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
Huntington Operational Update
CALGARY, ALBERTA, April 16, 2015 - Iona Energy Inc. ("Iona" or the "Company") (TSX V: 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.
For further information please contact:
| Iona Energy Inc. | |
|---|---|
| Tom Reynolds, CEO | +44 (0) 1224 228400 |
| Robert Gair, CFO | +44 (0) 1224 228400 |
| Email: [email protected] |
Camarco Billy Clegg / Georgia Mann +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.
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.