CALGARY, ALBERTA--(Marketwired - April 16, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES.
Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) is pleased to announce today that the Department of Energy and Climate Change ("DECC") has advised the Orlando joint venture partners that it has approved the Orlando Field Development Plan ("FDP") submitted by the partners. The Orlando Field is owned by Iona (Operator 75%) and Volantis Exploration (25%). Further, DECC has approved Iona's application for Production Operator status.
The Orlando Oil field lies approximately 10 Km north east of the Ninian Central Platform and was successfully appraised with well 3/3b-11 (1989) and 3/3b-13 (2012) with sidetrack wells.
Iona's Chief Executive Officer, Neill Carson, commented: "The Orlando Field development approval is our first with Production Operator status and is an important step as we push to deliver this project as early as possible. We will continue to work with the supply chain and stakeholders in order to place the remaining key contracts."
Additional information relating to the Company is available on SEDAR at www.sedar.com.
About Iona Energy:
Iona is an oil and gas exploration, development and production company focused on oil and gas development and exploration in the United Kingdom's North Sea.
Some of the statements in this announcement are forward-looking, including statements regarding Iona's plans with respect to development of the Orlando property, anticipated effects of the UK small field allowance, estimates of the quantities of proved reserves, probable reserves, and possible reserves, as well as estimates of the net present value of future net revenue of proved reserves, probable reserves, and possible reserves. Forward-looking statements include statements regarding the intent, belief and current expectations of Iona Energy Inc. or its officers with respect to various matters, including Orlando expected first oil, reserves, production, drilling activity or otherwise. When used in this announcement, the words "expects," "believes," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, are based on various assumptions by Iona's management and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. 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.