CALGARY, ALBERTA -- (Marketwired) -- 04/29/13 -- 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
-- 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).
-- 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.
-- 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.