Key Developments: Iona Energy Inc (INA.V)

INA.V on TSX Venture Exchange

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22 Jan 2015
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Latest Key Developments (Source: Significant Developments)

Iona Energy Inc appoints Executive Chairman, Chief Executive Officer and President
Tuesday, 2 Sep 2014 08:30am EDT 

Iona Energy Inc:Announces that Iain McKendrick has joined company as Executive Chairman.Says Tom Reynolds has joined company as Chief Executive Officer and President.  Full Article

Iona Energy Inc Appoints Chief Financial Officer
Thursday, 3 Oct 2013 10:55am EDT 

Iona Energy Inc announced that Rod Begbie has joined the organization as Chief Financial Officer. Graham Heath, who has been acting as Iona's Interim Chief Financial Officer since April, will return to his duties as VP Corporate Development.  Full Article

Iona Energy Inc Announces Completion of USD 275 Million Senior Secured Callable Bond
Tuesday, 17 Sep 2013 06:01pm EDT 

Iona Energy Inc announced the placing of a USD 275 million senior secured bond (Bond) issued by its UK subsidiary Iona Energy Company (UK) Limited (Issuer). The net proceeds from the Bond issue will be used to refinance the Senior Secured Borrowing Base Facility (BBF) of which approximately USD 143 million is outstanding and to retire all or parts of its existing structured energy derivative transaction (Structured Derivative Transaction). Additional proceeds of the Bond issue are expected to enable the Company to fund the delivery of its key development projects Orlando and Kells to first oil. The Bond, which has a tenor of five years, carries an interest coupon of 9.5% payable semi-annually and will be issued at 97.5% of par. The amortization profile is tailor made to match the cash flow profile of Iona's existing asset base and is structured to enable Iona to bring Orlando, its next significant development project, on stream before commencing amortization payments. Commencing 30 months after the Settlement Date, the Bond will amortize 15% of the issue amount every six months with a 25% final payment at maturity. The amortizations will be performed at the prevailing call option prices of 105%, 104%, 104%, 103% and 103% of par value with the residual amount payable at 102% of par value. The Bond is callable at the option of the Issuer at any time.  Full Article

Norwegian Energy Company ASA Announces Resumed Production on Huntington in License Shared with Premier Oil PLC, E.ON SE and Iona Energy Inc
Thursday, 22 Aug 2013 02:59am EDT 

Norwegian Energy Company ASA announced in relation to previous release about the shut in of production from the Huntington field, that it, together with partners Premier Oil PLC and Iona Energy Inc, has been informed by the operator of the Huntington Field, E.ON SE's E.ON UK E&P, that production was restarted on August 19, 2013 following the precautionary shutdown due to concerns with the cargo tank venting activities during low wind conditions. As was previously announced, Huntington production was temporarily shut-in on August 8, 2013. During the ramp up back to pre-shutdown production levels, the online commissioning and stabilization of the second gas compression system, referred as Train A, will occur. Once the compressor is on stream, production is expected to reach full capacity. The working interests in the Huntington field are E.ON E&P UK Ltd (25% Operator), Premier Oil plc (40%), Noreco Oil UK Ltd (20%), and Iona Energy (15%).  Full Article

Norwegian Energy Company ASA Announces Temporary Shut Down of Huntington Field in License Shared with Premier Oil PLC, Iona Energy Inc and E.ON E&P UK Ltd.
Tuesday, 13 Aug 2013 02:45am EDT 

Norwegian Energy Company ASA announced that the operator on the Huntington field, E.ON E&P UK Ltd., has informed its partners, Premier Oil PLC, Noreco Oil UK and Iona Energy Inc, that production at the field will remain shut until issues related to the cargo tank venting system on board the platform at the field has been resolved. Norwegian Energy Company (Noreco) is partner and owns 20% of the Huntington license. The operator along with the duty holder are taking a number of actions to assure that the gas venting system can be improved by revised operational procedures. If this can be achieved, it is Noreco's understanding that production could resume next week. A permanent solution is scheduled for completion in late August 2013. The working interests in the Huntington field are E.ON E&P UK Ltd. (25% Operator), Premier Oil plc (40%), Noreco Oil UK (20%), and Iona Energy Inc. (15%).  Full Article

Iona Energy Inc Announces Proposed Issue Of Senior Secured Callable Bond
Thursday, 20 Jun 2013 09:39am EDT 

Iona Energy Inc announced that the Company proposes the issuance of a Senior Secured Callable Bond Issue of USD 250-300 million (the Bond Issue) in order to refinance its current Senior Secured Borrowing Base Facility (the BBF) of which approximately USD 139 million of debt is drawn, and to partially retire its existing structured energy derivative transaction (Structured Derivative Transaction). Additional proceeds of the Bond Issue will enable the Company to fund the delivery of its Orlando and Kells projects to first oil, as well as mature and accelerate its other pipeline of development opportunities.  Full Article

Norwegian Energy Company ASA Announces Start of Production at Huntington Field in License Shared with E.ON SE's Unit, Premier and Iona Energy Inc
Monday, 15 Apr 2013 01:00am EDT 

Norwegian Energy Company ASA announced that it has been advised by its operating partner, E.ON SE's E.ON Exploration and Production that production from the Huntington field, in license shared with Premier and Iona Energy Inc, has commenced. The field will increase Norwegian Energy Company's overall production and contribute to a increase in cash flow. The Huntington development includes the Voyageur Spirit FPSO (floating production, storage and offloading vessel) specifically modified to meet the field requirements, a six well subsea drilling template, and a 12 kilometer gas export pipeline connected to the BP CATS transportation system, allowing export of gas. Huntington is located on the United Kingdom Continental Shelf, and is expected to have a production capacity of approximately 30,000 barrels of oil per day. Norwegian Energy Company has a 20% interest in the Huntington field. E.ON Exploration and Production is the operator of the field with a 25% interest. Other partners are Premier (40 %) and Iona Energy (15 %).  Full Article

Iona Energy Inc Announces Board Change
Friday, 5 Apr 2013 01:51pm EDT 

Iona Energy Inc announced that Brad Gunn, Chief Financial Officer (CFO) of the Company, has resigned as CFO and from the Company's Board of Directors for personal reasons. Effective immediately, Graham Heath, currently Iona's VP Corporate Development, has assumed the position of interim CFO. Iona also announced that Don Copeland, currently a member of the Company's Board of Directors, has been appointed as the Non-Executive Chairman of the Board of Directors.  Full Article

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