Iona Energy Inc. is pleased to announce an operational update related to its Huntington Oil Field located in the UK North Sea and that an updated corporate presentation is now available on the Company's website at www.ionaenergy.ca.
The Huntington Field is currently producing approximately 20,000 bbls/d of oil and 15 MMcf/d of natural gas (3,500 bbls/d of oil and 2.6 MMcf/d of gas net to Iona) as production continues to increase following the previously announced curtailment of the flow of Huntington gas implemented by the Operator of the Central Area Transmission System (CATS). Iona expects peak production capacity of 30,000 bbls/d of oil and 27 MMcf/d of natural gas to be reached in December. Since the CATS restriction, the Huntington field and FPSO have continued to operate efficiently and have produced to the maximum capacity possible under the curtailment. CATS is operated by BP plc.