Iona Energy Inc. reports its Orlando appraisal well 3/3b-13 has reached its total depth target within the planned trajectory for the development well. The top of the reservoir was encountered at approximately 13,286 ft Measured Depth (-11,428 ft True Vertical Depth Sub Sea) and logs show the expected Upper Tarbert reservoir is present and is fully oil bearing and more of the underlying Upper Ness reservoir sands oil bearing than in the original discovery well (Well 3/3-11). The oil bearing interval within the Upper Ness exceeds management's expectations.

The well has been drilled to a Measured Depth ("MD") of 14,300 feet, and Total Vertical Depth Sub Sea ("TVDSS") of -12,104 feet in Middle Jurassic (Brent reservoir group) sands and shales. Based on a preliminary evaluation of the logs, the Tarbert and Ness Reservoirs correlate strongly with those same units encountered in the original discovery well 3/3-11. Logging shows the Tarbert contains 76 ft of True Vertical Thickness ("TVT") gross sandstone (60 ft Net) and the Ness contains gross 166 ft of TVT gross sandstone (46 ft Net). An estimated oil column on the Orlando Field of approximately 270 ft above the 11,670 ft TVDSS oil water contact, inferred by the 3/3-11 well, has been confirmed by the 3/3b-13 well.

Tags: Iona Energy Inc.