Potential mini-hub in prospect south of Ninian in North Sea

Iona Energy plans further acquisitions, farm-ins, and participation in North Sea licensing rounds.

Offshore staff

CALGARY, Canada – Iona Energy plans further acquisitions, farm-ins, and participation in North Sea licensing rounds.

Last October the UK government awarded the company a 100% interest inthree northern North Sea blocks which include two oil discoveries.

Blocks 3/7c (part), 3/8c, and 3/12 (part) are southwest of the CNR-operatedNinian field and adjacent to Iona’s block 3/8d, which includes the planned Kells oil and gas field development and the Ossian oil discovery.

The newly awarded blocks contain the undeveloped Ronan and Oran oil fields, 8 km (4.9 mi) apart. Drilling to date has encountered oil columns only with no water legs, leading Iona to believe that a joint development is possible. Further appraisal could lead to significant volume increases in both cases.

These discoveries, along with Kells, have the potential to create a synergistic Iona- operated “South of Ninian” development hub, the company says.

5/14/2013

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