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Energy SpA — Earnings Release 2015
Apr 8, 2015
4100_rns_2015-04-08_c3e1fd72-a1a5-4820-8bd0-80d506fd8fe1.pdf
Earnings Release
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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
Operational Update
CALGARY, ALBERTA, April 08, 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 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.
-Ends-
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 Robert Gair, CFO |
+44 (0) 1224 228400 +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.