Iona fact sheet for newbies, others please add any missing facts
Iona is junior o&g operating predominantly in the N. Sea.
They have two well sites producing. TnT is ng and we have a 20% wi in it, Huntington is mostly high grade sweet oil there is also decent ng flow and we have a 15% interest and a 2.2 over ride royalty for the entire site.
Using the production form above Iona has approx 500k per day cash flow after expense.
Iona has 83 million in the bank
Iona owes approx 60 million in total debt
Iona gets Brent oil pricing and UK ng pricing
Is UK gas selling for approx $ 10 to 14 and rising and Iona is unhedged
Iona will increase their working interest in the TnT well form 20% to 37.5 and drill another well almost tripling ng production.
Iona just obtained approval to be the operator on the Orlando,two days ago
Iona have at least three other locations besides the ones we just mentioned to keep drilling until 2017
The Huntington sit over a another reservoir in the Jurassic which could hold twice as much oil as recognized in the Huntington now.
Iona have over 100 mil in tax credits from the Huntington
We bought the Huntington with no money down, yes amazing isn’t it.
Using 100 oil and 12 ng Iona will make .45 cash flow with just the Huntington and 20% TnT
Iona is now fully self funded for all future capes needs. they may add debt for the Orlando but can easily pay it back. There should be no more need for dilution.
Orlando can add 7500 bopd for our 75% wi and increasing the TnT to 37.5 can give us over 15,000 boepd.
All form a junior selling for .60
Can anyone name another co even close ot this selling so cheap and in a safe safe safe country that is pro energy and offering help in any way they can.