National Bank Financial Initiates Coverage with Outperform Rating for Iona Energy (TSXV:INA) - Video Research Alert on InvestmentPitch.com

GlobeNewswire Europe

Vancouver, British Columbia, November 13, 2013 - National Bank Financial has initiated coverage on Iona Energy (INA.V). Analyst Amy Chang gives the company an outperform rating, and a 12-month target of $1.00, a premium of 67% to the $0.60 price the day the report was issued.

InvestmentPitch.com has produced a "video research alert" about Iona Energy based on this report. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Iona" in the search box.   Iona Energy is a Canadian oil and gas company with assets in five core plays in the UK North Sea.

The company`s cornerstone assets include the Huntington Field which is oil, and the Trent & Tyne Fields, which are gas. These fields underpin Iona`s current net production of approximately 4,000 barrels of oil equivalent per day, of which approximately 55% is oil/liquids. With Huntington on-stream since April 2013 and reaching peak production in early September, it is largely de-risked. The company anticipates an updated reserves report in early 2014 which could include significant additional reserve bookings at Huntington.

The next phase of Iona`s mid-term growth includes first oil from the Orlando, expected in Q4 of 2015, and Kells Field, expected in Q4 of 2016, which are projected to increase production to 17,000 barrels of oil equivalent per day, net to the company by the end of 2016. Beyond 2016, the company maintains a deep inventory of additional growth prospects including the West Wick, which is heavy oil, and the Ronan & Oran light oil developments, located 14 kilometres south west of Kells.

The company recently closed a US$275 million callable senior debt deal on September 30th, which in National Bank`s view offers Iona greater flexibility to fund continued growth, and to focus on execution.

Iona`s senior management team is largely based out of Scotland, and is led by Neill Carson who previously co-founded Ithaca Energy.

Analyst Amy Chang stated, "We view Iona to be a compelling investment opportunity for investors looking for pure exposure to Brent-linked product streams through an attractively valued vehicle that is well positioned to self-fund significant growth in the UK North Sea."

For more information, please visit the company`s website www.ionaenergy.ca or contact David Ricciardi at 403-978-4894.

For more information about National Bank Financial or to obtain a copy of their research report, contact your nearest National Bank Financial office. Their branches are listed on their website at www.nbf.ca.

About InvestmentPitch

InvestmentPitch.com, a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals, specializes in producing corporate interviews and three minute videos based on news releases and research reports. Please visit InvestmentPitch.com and browse our extensive library of investment videos.

CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
604-684-5524
bmorgan@investmentpitch.com




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: InvestmentPitch via Thomson Reuters ONE

HUG#1742975
View Comments (0)