![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:INA | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
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 three months and six months ended June 30, 2013. HIGHLIGHTS FOR THE PERIOD ENDED JUNE 30, 2013 Financial -- Total assets as at June 30, 2013 of CAD$516.6 million (June 30, 2012 - CAD$167.2 million). -- Net income for the three months ended June 30, 2013 of CAD$9.4 million (2012 loss - CAD$2.9 million) and a net loss of CAD$2.9 million (2012 - CAD$3.9 million) for the six months ended June 30, 2013. -- Of total revenues of $12 million for the three months ended June 30, 2013, $8.6 million was generated from oil production and $3.4 million was generated from gas production. The average realized oil price in the period was USD$102 compared to average Brent oil prices in the period of USD$102 and USD$10 mcf for gas. -- The Company has tax pools of approximately USD$303 million and does not expect to pay UK taxes until 2016 or later. -- Iona is not currently subject to any crown or third party royalties on any revenues. -- On June 20, 2013, the Company proposed the issuance of a Senior Secured Callable Bond Issue of USD$250-300 million. Proceeds of the bond will be used to refinance its current Senior Secured Borrowing Base Facility of which approximately USD$139 million of debt is drawn, to partially retire its existing structured energy derivative transaction and enable the Company to fund the delivery of its Orlando and Kells projects to first oil, as well as mature other projects in the pipeline of development opportunities. Operational -- Average net production increased from 316 boepd in Q1 2013 to 1,578 boepd in Q2 as a result of first oil from Huntington. Trent & Tyne ("T&T") -- The net production from the T&T fields to Iona during the three and six months ended June 30, 2013 was 3.9 MMcf/d and 2.9 MMcf/d respectively. -- As of August 27, 2013, T&T production was 44 MMcf/d, net 9 MMcf/d to Iona. Huntington -- The Huntington field commenced oil production on April 12th, 2013, with gross production initially limited to 7,300 bbls/d. -- On June 5th, 2013, first gas was exported from the Huntington Field, of which Iona owns a 15% working interest and a 2.55% royalty interest. -- On July 18th, 2013, Huntington the Company reached a new production record of approximately 27,400 boepd. -- Iona has been informed by the operator of the Huntington Field, E.ON E&P, that production on the morning of August 28th was a steady 31,500 boepd, and the Company expects Huntington production to reach the production unit capacity of 34,500 boepd during September. -- The operator confirms that higher than expected productivity in the development wells has been sustained. Reservoir performance also provides encouragement with strong early performance, exceeding the operator's pre-development estimations. -- As part of the Huntington acquisition, the Company will acquire Block 22/14d 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. 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. Orlando -- On April 16, 2013 the Department of Energy and Climate Change ("DECC") advised the Orlando joint venture partners that it has approved the Orlando Field Development Plan submitted by the partners. Subsequent Events -- On June 28, 2013, the Company amended the Sales and Purchase Agreement with Carrizo in respect of the Huntington acquisition. Under the terms of the sale and purchase agreement, total consideration transferred as of the acquisition date on February 22, 2013 by Iona UK to Carrizo Oil was $146,678,000, and an additional deferred payment of $18,926,000 was due and payable to Carrizo Oil upon receipt of first oil revenues from the Huntington field. However, as a result of the slower than anticipated ramp up of production this payment was reduced to $12,762,000 payable on June 28th 2013 with the $6,164,000 balance being repaid over the period of future production until October 2013, at which time any outstanding balance must be paid in full. As of August 28, 2013 $2,311,000 remained outstanding on the deferred payment. -- On July 29, 2013, the Company announced that due to the rapid growth in the company's operated and non-operated portfolio John Baillie has joined the organization as VP Developments. This organizational change will enable Dave Sherrard, Iona's former VP Developments to continue his association with the company as Reserve Advisor. Notes: Further details on the above are provided in the Consolidated Financial Statements and Management's Discussion and Analysis for the quarter ended June 30, 2013, 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, estimated production levels, 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, the risk that production rates at Huntington does not increase as anticipated, or the risk that Iona does not increase its interest in Trent & Tyne. 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 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. FOR FURTHER INFORMATION PLEASE CONTACT: Iona Energy Inc. Neill A. Carson Chief Executive Officer +011 (44) 7919 057989 Iona Energy Inc. Graham Heath Interim Chief Financial Officer (403) 605-6726 Dave Ricciardi Investor Relations +1 403 978 4894 info@ionaenergy.com
1 Year Iona Energy Inc. Chart |
1 Month Iona Energy Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions