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Iona Energy Inc. Message Board

  • smarter_of_moron_idiot_imbecile smarter_of_moron_idiot_imbecile Mar 20, 2013 11:42 AM Flag

    Ronan, Oran and Ossian

    Four Development Fields in South Ninian Hub

    EVENT– Awarded Three Blocks Adjacent To Kells Oil Field

    The U.K’s Department of Energy and Climate Change (“DECC”) has awarded Iona a

    100% interest in three blocks located to the south-west of the Ninian field and

    immediately adjacent to Iona’s Block 3/8d (100% W.I.) which contains the Kells oil

    and gas field and Ossian oil discovery. The new blocks contain two adjacent

    undeveloped oil discoveries called Ronan and Oran (Figure 1).

    Ronan oil discovery: The Ronan discovery well (3/7-3) was drilled in 1977 and

    encountered a 36 foot oil column within a Brent sequence. Cores indicate good

    reservoir quality with porosities in the 15% to 17% range. The follow up appraisal

    well (3/12-2) encountered a similar column of light oil (38.5° API). In addition the

    3/12-2 well encountered oil within a thin sandstone zone in the underlying

    Cormorant formation.

    Oran oil discovery: The Oran light oil discovery (39° API) lies immediately to the

    east of the Ronan field. The 3/7-3 discovery well drilled in 2005 encountered a 101

    foot gross Brent sequence of which 54 feet was net oil pay.

    South of Ninian Development Hub: Both the Ronan and Oran discoveries are

    located up dip of Iona’s Ossian discovery well (3/8a-12) which flowed 650 bbl/d of

    42° API oil. As the Ronan, Oran and Ossian discoveries are located within 8 km of

    each other, Iona believes that, based upon current reserves estimates, the fields can

    be jointly developed (Figure 1). In addition, as all three discoveries encountered oil

    columns with no water legs, further appraisal drilling could significantly increase

    reserves.

    IMPACT – Positive; Possible Development Synergies With Kells

    Ronan, Oran and Ossian discoveries, together with the Kells field have the potential

    to create development synergies within Iona’s 100% owned South Ninian

    Development Hub.

    ACTION – Maintain BUY and Target Price

    The new blocks are a good fit with Iona’s current development portfol

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    • smarter_of_moron_idiot_imbecile smarter_of_moron_idiot_imbecile Mar 20, 2013 11:42 AM Flag

      The new blocks are a good fit with Iona’s current development portfolio and have

      the potential to add additional reserves and production. We maintain our BUY

      recommendation and our $1.30 target on Iona's growth potential from its low risk,

      development and appraisal projects in the UK North Sea.

      SOUTH NINIAN DEVELOPMENT HUB

      Blocks 37/c, 3/8c and 3/12 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 contains the Kells oil and gas field

      and the Ossian oil discovery. In addition, the Iona’s 100% owned 3/3b block which contains the

      Orlando Oil Field is located to the ~ 14 km to the north (Figure 1).

 
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