Energy - smartinvestment.ca

[wbalenov]

Iona Energy Inc
Symbol C : INA
Shares Issued 366,830,868
Close 2013-09-16 C$ 0.60
Recent Sedar Documents

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Iona Energy issues $275-million (U.S.) bond

2013-09-17 18:15 ET - News Release


Mr. Neill Carson reports

IONA ENERGY ANNOUNCES SUCCESSFUL COMPLETION OF USD 275 MILLION SENIOR SECURED CALLABLE BOND

Iona Energy Inc. has placed a $275-million (U.S.) senior secured bond issued by its U.K. subsidiary Iona Energy Company (UK) Ltd.

The net proceeds from the bond issue will be used to refinance the senior secured borrowing base facility, of which approximately $143-million (U.S.) is outstanding, and to retire all or parts of its existing structured energy derivative transaction. Additional proceeds of the bond issue are expected to enable the company to finance the delivery of its key development projects, Orlando and Kells, to first oil. The bond will provide the company with enhanced financial flexibility through improved access to cash flow from its producing assets, Huntington and Trent & Tyne, and increased debt financing for its coming development expenditures, while offering general terms and conditions which are less restrictive than those of the BBF.

The bond, which has a tenor of five years, carries an interest coupon of 9.5 per cent, payable semi-annually, and will be issued at 97.5 per cent of par. The amortization profile is tailor-made to match the cash flow profile of Iona's existing asset base and is structured to enable Iona to bring Orlando, its next significant development project, on stream before commencing amortization payments. Commencing 30 months after the settlement date, the bond will amortize 15 per cent of the issue amount every six months with a 25-per-cent final payment at maturity. The amortizations will be performed at the prevailing call option prices of 105 per cent, 104 per cent, 104 per cent, 103 per cent and 103 per cent of par value, with the residual amount payable at 102 per cent of par value. The bond is callable at the option of the issuer at any time.

The bond has the usual comprehensive security package, including a charge over all main assets of the issuer, including its interest in the Huntington, Trent & Tyne, Orlando and Kells fields, and the shares of the issuer and its wholly owned subsidiary, Iona UK Huntington Ltd., as well as a parent company guarantee. The settlement date for the bond is expected to be Sept. 27, 2013, and is subject to final completion and execution of standard documentation. The bond is governed under Norwegian law, and the trustee for the bond is Norsk Tillitsmann ASA.

Neill Carson, Iona's chief executive officer, commented: "Following a ramp-up period the Huntington field reached full production capacity of 30,000 barrels per day and 27 million cubic feet per day in early September. With this important milestone in place the next vital step in the further development of Iona was to secure improved flexibility in its financing for the operated field development projects, Orlando and Kells, which are expected to commence production in 2015 and 2016, respectively. With the successful closing of the $275-million (U.S.) bond issue, the company believes it is fully financed for the development of these key projects, which are expected to lead to a ramp-up in production to 17,000 barrels of oil equivalent per day by year-end 2016, representing more than a doubling of Iona's existing production. We are very pleased with the reception of Iona in the international bond market. Through the bond, Iona will be able to access cash flow from our producing assets and redeploy this cash flow into new projects in line with our strategy, creating a self-financed and repeatable business model."

Pareto Securities acted as sole manager and book runner of the bond issue.

We seek Safe Harbor.

[wbalenov]

Lotsa great news in this NR....

Iona Energy Announces Huntington and Corporate Production Update

CALGARY, ALBERTA--(Marketwired - July 17, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN UNITED STATES

Iona Energy Inc. (TSX VENTURE:INA) ("Iona" or the "Company") is pleased to provide an update related to its Huntington Oil Field located in the UK North Sea, as well as a total production update for the Company.

Huntington and Corporate Production

Current production from the Huntington Oil Field is approximately 24,500 boepd gross (21,700 bopd of oil and 16.9 MMscf/d of natural gas). Net to Iona, production is approximately 4,300 boepd, which includes the Company's royalty interests. Iona owns a 15% working interest and a 2.55% royalty interest at the Huntington Oil Field. As a result of the increased production at Huntington, Iona has reached a new production record of approximately 5,600 boepd, a 62% increase over its last publicized production rate of 3,464 boepd announced on June 10th, 2013. Iona's net production is expected to increase to over 7,500 boepd as Huntington reaches production capacity.

With the majority of the gas compression issues having been resolved, production is expected to continue to increase towards the Floating Production Storage and Offloading ("FPSO") unit capacity of 30,000 bopd and 27 MMscf/d within the next few weeks. Iona has been advised by the operator of the FPSO that the B-train gas compression system has been stabilized, allowing for Huntington production to surpass the 20,000 bopd milestone. Upon stabilization of the A-train, production is expected to steadily increase towards full capacity.

There have been three successful liftings of crude oil from Huntington totalling more than 500,000 barrels with a fourth lifting of over 200,000 bbls due on July 21st, 2013. Huntington produces 43º API light oil, and to date the oil has sold between par and a slight discount to Brent (USD 2/bbl). The realized price is expected to increase once the refineries see continued and regular shipments, and in the future Iona believes that Huntington production will yield a premium to Brent. Huntington gas production has realized USD 8.52/mcf.

The working interests in the Huntington field are E.ON Ruhrgas UK E&P (25% Operator), Premier Oil plc (40%), Norwegian Energy Company ASA (20%), and Iona (15%). In addition to the working interest, Iona holds a gross overriding royalty of 2.55% of total Huntington production, payable from the Huntington Joint Venture Partners.

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

About Iona Energy:

Iona 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 estimates of the quantities of reserves, associated net present values of future revenue therefrom, and contingent resources in the Huntington field. 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 production, 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, including the assumption with respect to the timing and effects of commissioning gas compression systems for Huntington which are beyond Iona's control, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements, including without limitation, the risk of unanticipated delays impacting production rates at Huntington. 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.

Notes Regarding Oil and Gas Disclosure

As used in this press release, "boe" means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 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.

Additionally, this press release uses certain abbreviations as follows:
Oil and Natural Gas Liquids Natural Gas

bbls barrels mcf thousand cubic feet

MMbbls millions of barrels MMscf million standard cubic feet

MMboe million barrels of oil equivalent Bcf billion cubic feet

boepd barrels of oil equivalent per day

bopd barrels of oil per day

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.

Iona Energy Inc.
Neill A. Carson
Chief Executive Officer
+44 1224 228400

Iona Energy Inc.
Graham A. Heath
Interim Chief Financial Officer
+44 7508 936982

Iona Energy Inc.
David Ricciardi
Investor Relations
403 978 4894

Source: Marketwired (July 17, 2013 - 3:40 PM EDT)

News by QuoteMedia

[wbalenov]

- would get Iona away from the banks, I think it is a good move, and demonstrates the clout the company now has with its C.F.

Iona Energy Announces Proposed Issue of Senior Secured Callable Bond

CALGARY, ALBERTA--(Marketwired - June 20, 2013) -

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 the Company proposes the issuance of a Senior Secured Callable Bond Issue of USD 250-300 million (the "Bond Issue") in order to refinance its current Senior Secured Borrowing Base Facility (the "BBF") of which approximately USD 139 million of debt is drawn, and to partially retire its existing structured energy derivative transaction ("Structured Derivative Transaction"). Additional proceeds of the Bond Issue will enable the Company to fund the delivery of its Orlando and Kells projects to first oil, as well as mature and accelerate its other pipeline of development opportunities.





The Company has initiated a process for a potential refinancing of its existing BBF and the Structured Derivative Transaction through a bond issue. As such, Pareto Securities has been appointed by Iona as Sole Manager and Bookrunner of the Bond Issue.





The bond will be issued by Iona Energy Company (UK) Limited (the "Issuer"), a subsidiary owned 100% by Iona, with proceeds expected to be available by early July 2013. The security package attached to the Bond will include a parent company guarantee from Iona, a charge over the shares of the Issuer and its subsidiary Iona UK Huntington Limited, as well as a charge over the Issuer's interests in the Huntington, Trent & Tyne, Orlando, Kells and West Wick assets.





The Bond Issue will provide the Company with enhanced financial flexibility through improved access to cash flow from its producing assets, Huntington and Trent & Tyne, and increased debt financing for its upcoming development expenditures, while offering general terms and conditions which are less restrictive than those of the BBF.





Neill Carson, Iona's CEO commented: "We commenced a rapid ramp-up in production from early Q2 2013 through the start-up of the Huntington field. Whilst first cargos have been sold, ramp-up operations continue at Huntington with the recent onset of gas compression, export, and water injection. Strong well and reservoir performance has indicated that ramp up from approximately gross 10,000 bbls/d to full production capacity of gross 30,000 bbls/d and 27 MMcf/d is expected to be reached within weeks once the facility gas export systems are fully commissioned. This production represents significant cash flow and it is important that we optimize our ability to access this income in order to maintain our production growth and accelerate the development of our portfolio of operated discoveries. The proposed Bond Issue provides Iona with the opportunity to achieve its objectives in this respect."

[wbalenov]

Stavanger, 10 Juni 2013: Norwegian Energy Company (Noreco) produced 5 193 barrels of oil equivalents (boe) per day in May 2013, and net realised price was USD 101 per boe adjusted for inventory.

Production per field, May 2013 (boe per day):

Nini East – 2 474

Huntington – 1 338

Cecilie – 538

Oselvar – 461

Nini – 382

Lulita – 0

Enoch – 0

Huntington has not yet reached full producing capacity. The on-going production ramp up is pending final commissioning of the gas export facilities. Gas export has commenced, and the operator expects production to be ramped up to full capacity during June.

As previously announced, planned maintenance shutdowns in June/July will impact production from Nini East, Nini, Cecilie and Oselvar. The Lulita field is also shut down pending pipeline wax removal.

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.



***
Contacts:
Svein Arild Killingland, CEO ( 47 913 40 786)
Kjetil Bakken, Investor Relations Manager ( 47 91 889 889)

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

[wbalenov]

Iona Energy Inc (C:INA)
Shares Issued 366,810,868
Last Close 5/30/2013 $0.60
Friday May 31 2013 - News Release

Mr. Neill Carson reports

IONA ENERGY INC. ANNOUNCES 2013 FIRST QUARTER RESULTS

Iona Energy Inc. has released its financial results for the three months ended March 31, 2013.

HIGHLIGHTS FOR THE PERIOD ENDED MARCH 31, 2013

Financial

-- Closed a CAD$23 million equity financing of common shares in February 2013. -- Closed Senior Secured Borrowing Base Facility for up to USD$250 million of which USD$150 million is currently available with the Bank of America Merrill Lynch, Lloyds TSB Bank plc and BNP Paribas. -- Total assets as at March 31, 2013 of CAD$513.0 million (March 31, 2012 - CAD$76.0 million). -- Net loss, excluding one off expenditure/gains in relation to acquisition costs, gains on acquisition, losses on financial instruments and taxation credit, of CAD$4.2 million for the quarter ended March 31, 2013 (March 31, 2012 - CAD$1.0 million). -- Cashflow generated from financing activities of CAD$163.0 million for the quarter ended March 31, 2013 (March 31, 2012 - CAD$Nil). -- Cash increased CAD$14.4 million during the quarter ended March 31, 2013 (March 31, 2012 - reduced CAD$28.1 million).

Operational

-- On February 21, 2013 Iona sold a 25% working interest in its UK North Sea Orlando and Kells fields to an industry participant for total gross proceeds of CAD$37.7 million on close and pro-rata share of future staged payment obligations. -- The net production from the Trent & Tyne ("T&T") fields to Iona during the three months ended March 31, 2013 was 2.3 MMscf/d. Production was lower than anticipated due to a scheduled six-week shutdown on the Bacton processing facility during February and March. The average realized gas price for the quarter was strong at $10.39/mcf. As of May 13, 2013, both T&T were producing at a combined production rate of 43.3 MMcf/d, net 8.7 MMcf/d to Iona. Production at the 44/18-T6 ("T6") well on the Tyne Gas field is currently producing at a stabilized rate of 28 MMcf/d.

Acquisitions & Disposals

-- Completed the previously announced acquisition of 100% of the issued and outstanding shares of Carrizo UK Huntington Limited. -- Completed the sale of 25% interest of the Orlando and Kells discoveries on February 21, 2013 for total gross proceeds of USD$37.7 million on close and a pro-rata share of future staged payment obligations.

Corporate

-- The Company completed a USD$60 million structured energy derivative transaction with Britannic Trading Ltd., a subsidiary of BP International Limited in February 2013 for notional quantities of 1,360,072 and 6,746,231 barrels of Brent blend crude oil over the period April 1, 2013 to March 31, 2014 andApril 1, 2014 to March 31, 2018 at strike prices of USD$100 and USD$95 respectively. -- The Company also entered into a Marketing and Off-take Agreement with BP Oil International Limited in February 2013. -- On January 10, 2013 and March 5, 2013, 175,000 and 7,420,000 of stock options were granted at a price of $0.58 and $0.63 per share respectively. -- On April 5, 2013, Iona announced the appointment of Don Copeland as non- executive Chairman, the resignation of Brad Gunn as Chief Financial Officer and as a Director, and the appointment of Graham Heath as Interim Chief Financial Officer.

Post Quarter Events

-- The Huntington Field commenced production on April 12, 2013. The field has been developed through four production and two water-injection wells and is tied back to Teekay's Floating Production Storage and Offloading ("FPSO") vessel, the Voyager Spirit, with production capacity of 30,000 barrels of oil per day and 27 million standard cubit feet of gas per day. On May 14th, 2013 the Company produced a new record production level of approximately 2,960 boepd, which is expected to increase in the coming weeks to approximately 4,600 boepd and reach a new production threshold of 7,500 boepd by the end of June, based on the anticipated increase of the Company's working interest in Trent & Tyne from 20% to 37.5% and the anticipated increase in Huntington production to maximum capacity (4,500 bbls/d of oil and 4.0 MMcf/d of natural gas, both net to Iona). -- On April 16, 2013 the Company announced that the Department of Energy and Climate Change ("DECC") had advised the Orlando joint venture partners that it has approved the Orlando Field Development Plan submitted by the partners.

We seek Safe Harbor.

© 2013 Canjex Publishing Ltd.

[wbalenov]

Iona Energy Sets New Production Level and Builds Interest in Huntington Development Core

CALGARY, ALBERTA--(Marketwired - May 23, 2013) -

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 an operational update for its Huntington and Trent & Tyne producing fields, to which Iona has a 15% working plus 2.55% royalty interest and 20% working interest, respectively. On May 14th, 2013 the Company produced a new record production level of approximately 2,960 boepd, which is expected to increase in the coming weeks to approximately 4600 boepd and reach a new production threshold of 7,500 boepd by the end of June, based on the anticipated increase of the Company's working interest in Trent & Tyne from 20% to 37.5% and the anticipated increase in Huntington production to maximum capacity (4,500 bbls/d of oil and 4.0 MMcf/d of natural gas, both net to Iona) as described below.







Huntington







At the Huntington field, the Company has been informed by the Operator that production, which commenced Friday April 12th, 2013, has reached a rate of 7,625 bbls/d. Production is expected to increase to the predetermined Floating Production Storage and Offloading unit (FPSO) capacity of 30,000 bbls/d of oil and 27 MMcf/d of natural gas once the gas compression systems have been commissioned, which is scheduled to occur shortly. Once the gas compression has been initiated, production should ramp up to full capacity during June.





Production at Huntington is lifted in approximately 200,000 barrel increments, and the first shipment occurred on May 16th, 2013. Huntington produces 43o API light oil, which yields a premium to Brent, and Iona estimates current operating costs to be USD$15/boe.





Iona engaged Gaffney, Cline & Associates Ltd. ("GCA") to prepare an independent reserves evaluation of the Huntington Field and expects to provide their findings shortly. The Huntington Oil Field has discoveries made in three horizons, the Paleocene Forties formation, the Jurassic Fulmar formation and the Triassic Skagerrak formation. At this time, reserves will only be assigned to the Paleocene Forties formation, which has been developed through four production and two water-injection wells to achieve the aforementioned capacity figures. Huntington discovery well 22/14b-5 drilled by a previous operator tested at peak rates of up to 4600 bbls/d and 1.6 MMcf/d from the Fulmar sand, suggesting that development of this reservoir could extend the economic life of Huntington. Iona is considering joint venture appraisal drilling of the adjacent Fulmar compartment. Additionally, work is ongoing to evaluate the recoverable resources within the Jurassic Fulmar and Triassic Skagerrak oil-bearing intervals which Iona believe could be significant if tied back to the Huntington production facility. Iona will provide a further update once the results of this evaluation are completed.





The working interests in the Huntington field are E.ON Ruhrgas UK E&P (25% Operator), Premier Oil plc (40%), Norwegian Energy Company ASA (20%), and Iona (15%). In addition to the working interest, Iona holds a gross overriding royalty of 2.55% of the total Huntington production, payable from the Huntington Joint Venture Partners.





The Company is also pleased to announce that it has entered into a binding Sales and Purchase Agreement for the acquisition of a 100% working interest in part of UKCS block 22/14d from Carrizo Oil & Gas, Inc., and is awaiting final completion pending formal regulatory approval from the UK DECC.





Block 22/14d is located in the Central North Sea, immediately to the south of Block 22/14b, containing the Huntington Palaeocene oil field, the Jurassic Fulmar, and the Triassic Skagerrak discoveries in which Iona has a 15% stake.





As described above, and based on 3D seismic mapping, Iona has identified two undrilled Fulmar appraisal targets to the south of the Huntington Area, one within 22/14b (Iona 15%), and one within the newly acquired block (Iona 100%).





Iona is also in the process of evaluating two Triassic Skagerrak discovery wells which encountered significant oil columns. Well 22/14-3 with a 389 ft oil column lies within the 22/14d block (Iona 100%), and 22/14-4 with a 139ft oil column is on the northern margin of the new block, located within block 22/14b (Iona 15%).





Iona plans to remap both the Jurassic targets and Triassic discoveries in the near-term, and future appraisal could see these as candidates for development through the existing infrastructure at the producing Huntington field.







Trent & Tyne







At the Trent & Tyne Fields, the Company has been informed by the Operator that, as of May 13th, 2013, both were producing at a combined production rate of 43.3 MMcf/d, net 8.7 MMcf/d to Iona. Production at the 44/18-T6 ("T6") well on the Tyne Gas Field has exceeded expectations and is currently producing at a stabilized rate of 28 MMcf/d. In January of this year, Iona announced that the T6 well was completed as a production well and flow-tested at an average rate of 25 MMcf/d, with a peak rate of 28 MMcf/d during an 8-hour production test. Iona realized USD$/mcf 9.82 gas price on May 14th, 2013, the day of the reported new peak production.





Iona holds an option to increase its working interest at Trent & Tyne from 20% to 37.5% after electing to drill the Tyne Northwest target at a capped cost of USD$34 million. Earlier in the year Iona notified the Operator that it intends to exercise its option in both fields and plans to announce at the earliest opportunity the completion of this transaction, which is subject to third party approvals, and has an economic date enabling Iona to fully benefit from the higher combined production from the two fields at its 37.5% working interest.







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









About Iona Energy:







Iona 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.

[wbalenov]

I don't really have a target, as I will probably be in for a few years, as long as this management team (previous Ithaca guys) continue to execute.

I want to see the numbers from cash flow...they will get 15% + 2.5% royalty from Huntington, then Orlando flow is targetted for next year.

After their operational update TD lowered their short term target to 1.05 from 1.35, which I thought was drastic, in view of their current oil flow and reserves.

First month's flow numbers should be out in a week or so. In the meantime we get flow info from their Norwegian partner on a monthly basis, as that is a requirement of the Norwegian Stock Exchange.

[kjm]

Hi Wbalenov

What do you see as the catalyst for the next upleg in the sp.? The start of production was obviously priced in before it happened.

[wbalenov]

Note - both Iona and Noreco own a 15% interest in Huntington.

Noreco reports production for April // Huntington on full capacity in May

Stavanger, 10 May 2013: Norwegian Energy Company (Noreco) produced 4928 barrels of oil equivalents (boe) per day in April 2013, and net realised price was USD 102 per boe adjusted for inventory.

Production per field, April 2013 (boe per day):

Nini East – 2438

Huntington – 778

Oselvar – 754

Nini – 392

Cecilie – 328

Lulita – 239

Enoch – 0

The Huntington field started production mid-April. The experience so far shows good productivity from the wells, in line with expectations. As planned, the operator E.ON Exploration and Production is now performing the final phase of the start-up procedure, involving commissioning of the gas export facilities. When this is completed, production will be brought up to full capacity, which is expected to take place in May.

Production regularity at Nini East was high, while Nini and Cecilie were shut down for six and nine days respectively due to maintenance at the host platform Siri. Oselvar was shut down for five days due to downtime at the host platform Ula and Ekofisk.

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.
http://www.noreco.com/en/-News.....pril-2013/

[wbalenov]

CALGARY, ALBERTA--(Marketwired - April 29, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) announces its financial results for the twelve months ended December 31, 2012 and the Company's independently evaluated reserves as of the same date.

HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2012

Financial

Closed a CAD$92 million equity financing of common shares in April 2012.
No short or long term debt as at December 31, 2012 (December 31, 2011 - CAD$Nil).

Total assets of CAD$203.5 million (December 31, 2011 - CAD$72.1 million).

Net loss of CAD$10.6 million for the year (2011 - CAD$5.1 million).

Operational

The Trent and Tyne average production rate over the first 6 months of 2012 was 2.4 MMscf/d. Following the annual shutdown, the average monthly rate reached 2.8 MMscf/d. The average yearly rate was 1.9 MMscf/d, mainly due to the production outage for the annual shutdown The average realized gas price for the year was strong at $9.05/mscf.

During August 2012, the Ensco 80 jack-up rig commenced operations to side-track the Trent & Tyne T6 production gas well with first gas from the well achieved in January 2013.

Completion of the Orlando well and side-track in April 2013 with better than expected results.

The Company performed an engineering and portfolio review and advanced Orlando development ahead of the Kells Development.

Installed process isolation valving and pipework on Ninian Central to allow future hook up and tie in of Orlando without need for shutdown of host platform process.

Completed the Orlando Environmental Statement and consultation with the Department of Energy and Climate Change ("DECC") and obtained final Field Development Approval on April 16, 2013.
Iona was awarded three UK North Sea Blocks at 100% working interest, including two oil discoveries from DECC in the 27th Licencing Round. The three awarded Blocks, 3/7c (part), 3/8c, and 3/12 (part), are located in the Northern North Sea, to the south-west of the Ninian field and immediately adjacent to Iona's 100% Block 3/8d which includes the to-be-developed "Kells" Oil and Gas field and the "Ossian" Oil discovery.

Acquisitions

Completed the acquisition of the 100% operated interest in the Kells field in the first quarter. Exploration operatorship application was approved by DECC and the Company submitted an FDP and Environmental Statement to DECC during the year.
Completed the purchase of its partners' interests, MPX North Sea Limited ("MPX") (30%) and Sorgenia E&P (UK) Ltd ("Sorgenia") (35%), in the Orlando Oil field during the third quarter of 2012 in exchange for the payment of historical costs and future payments out of production.

Completed the acquisition of an operated 58.73% interest in U.K. Block 13/21a containing the West Wick Oil Field from Centrica Venture Production Company ("CVPC") in the third quarter.
On December 28, 2012, the Company entered into a definitive Sale and Purchase Agreement with Carrizo Oil & Gas, Inc. ("Carrizo") to acquire the entire share capital of its wholly owned subsidiary, Carrizo UK Huntington Ltd ("Carrizo UK"), including its 15% interest in License P1114 of UK North Sea Block 22/14b including the near-producing Huntington oil field development ("Huntington"). The deal completed on February 22, 2013.

Corporate

Mr. Alan Curran joined the Company as Chief Operating Officer in March 2012.

In March 2012, the UK Government doubled the Small Field Allowance ("SFA") tax shelter from £75 million to £150 million, which is expected to benefit Iona but has not yet been applied to any of Iona's qualifying properties. Iona's Orlando and Kells fields will each qualify for SFA, representing a total of £300 million of supplementary charge tax shelter.

17,280,000 and 150,000 stock options were granted during the second and third quarters of 2012 respectively.

During September 2012, the UK Government announced the Brown Field Allowance ("BFA"), which is a new tax relief to encourage investment in older oil and gas fields. The BFA will shield up to £250m of income in qualifying brown field projects, or £500m for projects in fields paying Petroleum Revenue Tax, from the 32% Supplementary Charge rate (providing tax relief of up to £80m or £160m respectively). The Company welcomes this announcement and hopes to utilize it on its qualifying projects in the future.

On December 13, 2012 the Company announced that it had entered into a definitive agreement for the sale of a 25% non-operated working interest in each of its 100% owned Orlando and Kells fields. The sale to Volantis Exploration Limited completed on February 21, 2013 for total gross proceeds of USD$34 million on close and a pro-rata share of future staged payment obligations: USD$1.25 million upon Kells FDP approval; and staged payments commencing six months after first production from Orlando of USD$1.8 million, USD$1.8 million, USD$1.8 million, USD$0.925 million, and USD$0.925 million made every six months thereafter.

Reserves

Company reserves assessed by Gaffney, Cline & Associates Ltd at the end of 2012:
Net 1P Reserves increased 494% to 18.4 million barrels of oil equivalent ("mmboe") (2011: 3.1 mmboe)
Net 2P Reserves* increased 497% to 35.8 mmboe (2011: 6.0 mmboe)
Net 3P Reserves increased 465% to 46.9 mmboe (2011: 8.3 mmboe)
Net 2P Reserves Pre-Tax Net Present Value (assuming a discount rate of 10%) increased 548% to USD$1,185 million (2011: USD$183 million)

*2P Reserves comprises 82% oil and 18% natural gas

Post Year End

On January 14, 2013, the Company announced that the 44/18-T6 ("T6") well on the Tyne Gas Field had been completed as a production well and had successfully flow tested at an average rate of 25 million standard cubic feet per day ("MMscf/d") with a peak rate of 28 MMscf/d. Iona owns a 20% non-operated working interest in both the Trent & Tyne Gas Fields with an option to increase interest in both fields to 37.5%.

In February 2013, the Company closed a bought-deal private placement of common shares (the "Offering"). An aggregate amount of CAD$23 million was raised pursuant to the Offering.

The Company completed a USD$60 million structured energy derivative transaction with Britannic Trading Ltd., a subsidiary of BP International Limited in February 2013 for notional quantities of 1,360,072 and 6,746,231 barrels of Brent blend crude oil over the period April 1, 2013 to March 31, 2014 and April 1, 2014 to March 31, 2018 and strike prices of USD$100 and USD$95 respectively.

The Company also entered into a Marketing and Off-take Agreement with BP Oil International Limited in February 2013.

On February 22, 2013, the Company announced the closing of its previously announced Senior Secured Borrowing Base Facility for up to USD$250 million of which USD$150 million is currently available with the Bank of America Merrill Lynch, Lloyds TSB Bank plc and BNP Paribas and entered into hedging contracts with these banks for a total of 1,330,791 barrels of oil over the period April 1, 2013 to March 31, 2014 at a strike price of USD$100.

The Huntington Field commenced production on April 12, 2013. The field has been developed through four production and two water-injection wells and is tied back to Teekay's Floating Production Storage and Offloading ("FPSO") vessel, the Voyager Spirit, with production capacity of 30,000 barrels of oil per day and 27 million standard cubit feet of gas per day.

On March 5, 2013, 7,420,000 of stock options were granted at a price of $0.63 per share.

At the beginning of April 2013, Brad Gunn, Chief Financial Officer ("CFO") resigned as CFO for personal reasons and Graham Heath, currently Iona's VP Corporate Development, has assumed the position of interim CFO until the Company finds a suitable replacement. Also, Don Copeland, currently a member of the Company's Board of Directors, has been appointed as the non-executive chairman of the Board of Directors.

Notes:

The Company's petroleum and natural gas reserves (the "reserves") were independently evaluated by Gaffney, Cline & Associates Ltd ("GCA") in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves definitions and evaluation practices and procedures as specified by National Instrument 51- 101 ("NI 51-101"). The evaluation uses GCA's forecast prices and costs at December 31, 2012. The Company's Form 51-101F1 Statement of reserves data for the year ended December 31, 2012 ("Statement of Reserves Data"), which includes the disclosure and reports relating to reserves data and other oil and gas information along with the Form 51-101F2 Report on Reserves Data by GCA and Form 51-101F3 Report of Management and Directors on Reserves Data and Other Information are available for review at www.sedar.com.

Further details on the above are provided in the Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2012, which have been filed with securities regulatory authorities in Canada. These documents are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and on the Company's website: www.ionaenergy.com.

Iona is an oil and natural gas acquisition, appraisal, and development corporation active through its 100% wholly owned United Kingdom subsidiary, Iona Energy Company (UK) Ltd. in the United Kingdom's Continental Shelf ("UKCS").

Forward-looking statements

Some of the statements in this announcement are forward-looking, including statements regarding Iona's plans for the development of its properties, anticipated effects of the UK small field allowance, and estimates of the net present value of future net revenue of proved and probable reserves from Iona's properties. Forward-looking statements include statements regarding the intent, belief and current expectations of Iona Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, whether used in connection with estimated production levels and future activity or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements, including without limitation, the risk that Iona's development plans change as a result of new information or events, and the risk that drilling results differ materially from management's current estimates. 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.

Note: "Boe" means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 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.

It should not be assumed that the present worth of estimated future net revenue represents the fair market value of the reserves disclosed in this press release. The reserve and related revenue estimates set forth in this press release are estimates only and the actual reserves and realized revenue may be greater or less than those calculated. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. As used in this press release, "possible reserves" are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Additionally, this press release uses certain abbreviations as follows:
Oil and Natural Gas Liquids Natural Gas
bbls barrels mcf thousand cubic feet
Mbbls thousand barrels mcf/d thousand cubic feet per day
MMbbls million barrels scf standard cubic foot
bbls/d barrels per day MMscf millions of standard cubic feet
bopd barrels of oil per day MMscf/d millions of standard cubic feet per day
NGLs natural gas liquids Bscf billion standard cubic feet

FOR FURTHER INFORMATION PLEASE CONTACT:



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

[wbalenov]

17:51 EDT Tuesday, April 16, 2013

CALGARY, ALBERTA--(Marketwired - April 16, 2013) -

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 today that the Department of Energy and Climate Change ("DECC") has advised the Orlando joint venture partners that it has approved the Orlando Field Development Plan ("FDP") submitted by the partners. The Orlando Field is owned by Iona (Operator 75%) and Volantis Exploration (25%). Further, DECC has approved Iona's application for Production Operator status.

The Orlando Oil field lies approximately 10 Km north east of the Ninian Central Platform and was successfully appraised with well 3/3b-11 (1989) and 3/3b-13 (2012) with sidetrack wells.

Iona's Chief Executive Officer, Neill Carson, commented: "The Orlando Field development approval is our first with Production Operator status and is an important step as we push to deliver this project as early as possible. We will continue to work with the supply chain and stakeholders in order to place the remaining key contracts."

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

About Iona Energy:

Iona 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 Orlando property, anticipated effects of the UK small field allowance, estimates of the quantities of proved reserves, probable reserves, and possible reserves, as well as estimates of the net present value of future net revenue of proved reserves, probable reserves, and possible reserves. 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 Orlando expected first oil, reserves, production, 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.

FOR FURTHER INFORMATION PLEASE CONTACT:



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) 1224 228400





Iona Energy Inc.

Graham Heath

Chief Financial Officer

+011 (44) 1224 228400

[wbalenov]

FRANKFURT, April 15 (Reuters) - E.ON has started production from the Huntington oil and gas field in the North Sea, the company said in a weekend statement.

Huntington is located on the UK Continental Shelf, 230 kilometres east of the British coast. The development includes a 12 km gas export pipeline connected to the BP CATS transport system, allowing export of gas to the UK.

The field has 27 million barrels oil equivalent (mboe) in gross reserves, according to an estimate published in a statement by E.ON subsidiary E.ON Exploration and Production (E&P).

"Huntington will contribute significantly to the company's near-term production growth and implementation of our business strategy," said Frank Sivertsen, chief executive of E.ON E&P.

Total (NYSE: TOT - news) project investments exceed 496 million euros ($649.64 million), E.ON said.

E.ON is the operator, owning a 25 percent interest in the licence. The other partners are Premier Oil (LSE: PMO.L - news) (40 percent), Noreco (20 percent) and Iona Energy (Other OTC: IONAF - news) (15 percent).

[wbalenov]

Should be interesting times for Iona Energy from here...

http://pressreleases.eon-uk.co...../1928.aspx

13 April 2013 09:29
Successful start of production from Huntington oil and gas field


April 12, 2013

Successful start of production from Huntington







Production of a new field in the North Sea started
Total project investments exceeds £325 million
E.ON is the operator of the oil field, owning a 25 % interest in the license



Production from the Huntington oil and gas field in the North Sea has successfully started and highlights an important step for E.ON's upstream business.

"The production start at Huntington is an important milestone and illustrates our determination in developing our upstream business," said Jørgen Kildahl, member of the E.ON Board of Management.

"Huntington will contribute significantly to the company's near-term production growth and implementation of our business strategy," said Frank Sivertsen, CEO of E.ON Exploration & Production.

Total investments in Huntington exceed £325 million and the field has 27 million barrels oil equivalent (mboe) in gross reserves (E.ON E&P estimate).

The Huntington development includes the Voyageur Spirit FPSO (floating production, storage and offloading vessel) specifically modified to meet the field requirements, six wells and a 12 km gas export pipeline connected to the BP CATS transportation system, allowing export of gas to the UK. Huntington is located some 230 kilometres east of the British coast in water depths of approximately 90 metres. The production facilities will have a production capacity of around 30,000 barrels of oil per day.

E.ON Exploration & Production is a growth segment within E.ON and is active in four focus regions: the UK, Norway, Russia and North Africa. Production will increase significantly in the coming years as more fields are brought on stream. E.ON E&P has an increasing number of projects in which it is the operator.

E.ON is the operator of the field, owning a 25 % interest in the license. The other partners in the license are Premier (40 %), Noreco (20 %), and Iona Energy (15 %).

ENDS

For further media information please contact:

Kjetil Hjertvik, E.ON E&P (Email: kjetil.hjertvik@eon.com / Tel: 0047 922 37 069)

Scott Somerville, E.ON UK (Email: scott.somerville@eon-uk.com /Tel: 07889 771 804)

This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.

[wbalenov]

Volume and price starting to ramp up toward Q end.


Noreco Nears Huntington First Oil
by Norwegian Energy Company ASA
|
Press Release
|
Thursday, March 21, 2013

Norwegian Energy Company ASA (Noreco) reported that theHuntington field development is approaching first oil.

All risers are connected to the subsea facilities, and consequently the entire Huntington system is fully connected from the wells to the FPSO Voyageur Spirit. The final subsea preparations for first oil and pre-commissioning are being finalized prior to start up which is anticipated shortly.

The operator projects first oil by the end of March 2013. This projection is dependent on weather conditions and completion of final technical work according to plan. After a ramp-up period the field is expected to produce around 6,000 barrels oil equivalents per day net to Noreco.

[wbalenov]

Premier Oil (LSE: PMO.L - news) has reported a 47 per cent rise in its profit after tax for the year ended December 31st.

In the company's annual results for the year, it reported record profit after tax of $252m compared to $171.2m in the preceding year.

Operating cash flow jumped 66% year-on-year to of $808.2m and an initial dividend payment of five pence per share was posted subject to AGM approval.

In 2012, production of 57.7 thousand barrels of oil equivalent per day (kboepd) was generated, representing an increase of 43% year-on-year.

The group said that the Huntington field was expected to be on-stream at the end of the month and reserves and resources increased to 773m barrels of oil equivalent (mmboe), an increase of 51% on the previous year.

The Solan, Pelikan, Naga and Dua development projects achieved final approvals in 2012 and Premier Oil said they were on track for first oil or gas in 2014.

Simon Lockett, Chief Executive Officer of Premier Oil, said: "Premier (BSE: PREMIER.BO - news) has built a strong asset portfolio which will act as a springboard for significant further growth over the medium-term.

"We have a number of development projects coming on-stream in the short-term, an exploration portfolio with increasing materiality and another key leg to our business as a result of our entry into the Falkland Islands."

Premier Oil's share price was up 2.24% to 396.70p at 08:54 on Thursday.