Iona Energy Inc. report a drilling update on the Orlando well 3/3b-13. In the Company's preliminary prospectus dated February 28, 2012, the Company provided an update on the operations of its Orlando drilling activities.

The Company now announces that technical repairs and "fishing" activity within the blow out preventer (BOP) have been successfully completed. As previously released, a 9-5/8 inch casing was successfully set at 11,230 feet, from which point an 8-1/2 inch hole has continued to a current measured depth of 13,206 feet, putting the well approximately 50 feet above the targeted Brent reservoir within the planned trajectory for the development well.

Awilco Offshore, the Rig Operator, is in preparation to recommence drilling and expects to have the well completed by mid-March. Prior to resuming drilling operations, the BOP will be removed in order to perform integrity testing and, in the event that the BOP does not pass the requirements of the test, a suspension of the well may occur. In the event that the well is suspended, the Company plans to complete the well using an alternative drilling rig with the goal to attain first oil from Orlando in 2013.

Tags: Iona Energy Inc.