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Iona Energy To Raise Ownership Interest In North Sea Orlando Field To 100%

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June 13, 2012

Iona Energy Company (UK) Ltd., a U.K.-based subsidiary of Iona Energy Inc., Calgary, (Toronto Venture: INA) plans to purchase the interests in Orlando oil field in the U.K. North Sea from its partners MPX Resources and Sorgenia for US$77.25 million in cash and assumed costs.

MPX Resources holds 30% interest in Orlando Field and Sorgenia holds 35%. Pro forma, Iona will hold 100% interest in the field.

Iona will refund Sorgenia and MPX their historical costs of the Orlando development to-date, approximating USD$48.25 million. The company will then make future ...

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