April 8, 2015

Iona Energy - Huntington field to return to full tilt

Toronto-listed Iona Energy (CVE:INA) said production at its 15% owned Huntington field in the North Sea is now ready to be ramped up to full production.


The field, which lies in block 22/14b around 230km east of Aberdeen, has been operating unde gas export rate restrictions since October, 2014, meaning production has been reduced.


Last month (March) the field produced 1,599 barrels of oil equivalent net to the firm, compared to 1,130 barrels in January, the company said in a brief regulatory statement.


When production started in April, 2013 gross rates were around 7,000 barrels a day.


The last three months' production was delivered by two wells, which were choked back to comply with the restrictions.


But now Iona said it had been advised by the field operator Eon, that the CATS (central area transmission system) operator has confirmed that normal operations will be started again.


Iona shares were unchanged at C$0.05.



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