Iona Energy Inc. Announces Executive Changes
Sep 2 14
Iona Energy Inc. announced that Mr. Iain McKendrick has joined the company as Executive Chairman and Mr. Tom Reynolds has joined the company as Chief Executive Officer and President. Mr. McKendrick and Mr. Reynolds have been appointed to the company's board of directors. Mr. McKendrick has spent his entire career in the oil and gas industry, including experience with the Wood Group and with the Total S.A. group of companies in London, Aberdeen, Colombia and Houston. During his career, Mr. McKendrick has worked closely with technical, financial and commercial people with the purpose of executing and delivering on development and production enhancement projects. Most recently, Mr. McKendrick acted as Chief Executive Officer of Ithaca Energy Inc. Mr. Reynolds has over 20 years' experience in the energy sector, including executive level experience with North Sea focused exploration and production companies and with energy-focused investment firms. Mr. Reynolds has held positions with BP plc, Total S.A., and British Nuclear Fuels plc. Most recently, Mr. Reynolds acted as Chief Executive Officer of Bridge Energy ASA. Mr. Neill Carson is no longer Chief Executive Officer and President effective September 1, 2014 and has left the company in order to pursue new business opportunities.
Iona Energy Inc. Reports Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014
Aug 29 14
Iona Energy Inc. reported consolidated earnings and production results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported crude oil and natural gas revenues of USD 27,100,000 against USD 11,843,000 a year ago. Loss before tax was USD 24,065,000 against profit of USD 9,415,000 a year ago. Loss after tax was USD 28,027,000 or USD 0.08 per basic and diluted share against profit of USD 9,117,000 or USD 0.02 per basic and diluted share a year ago. Funds Flow was USD 3,345,000 or USD 0.01 per basic and diluted share against USD 3,911,000 or USD 0.01 per basic and diluted share a year ago. Adjusted EBITDA was USD 9,647,000 or USD 0.03 per basic and diluted share against USD 3,001,000 or USD 0.01 per basic and diluted share a year ago.
For the six months, the company reported crude oil and natural gas revenues of USD 62,748,000 against USD 13,701,000 a year ago. Loss before tax was USD 23,348,000 against USD 12,748,000 a year ago. Loss after tax was USD 28,365,000 or USD 0.08 per basic and diluted share against USD 2,828,000 or USD 0.01 per basic and diluted share a year ago. Funds Flow was USD 30,433,000 or USD 0.08 per basic and diluted share against USD 2,160,000 or USD 0.01 per basic and diluted share a year ago. Adjusted EBITDA was USD 36,790,000 or USD 0.10 per basic and diluted share against USD 6,282,000 or USD 0.02 per basic and diluted share a year ago.
For the quarter, the company produced total crude oil and natural gas of 2,759 boepd against 1,834 boepd a year ago.
For the six months, the company produced total crude oil and natural gas of 3,432 boepd against 1,666 boepd a year ago.
Iona Energy Inc. Announces Executive Changes
Jun 3 14
Iona Energy Inc. announced welcoming of Philip Oldham as interim chief operating officer, David Sherrard as VP Developments, and Nick Ritchie as VP Asset Management. Mr. Philip Oldham originally joined the company to elevate its capacity for execution and growth as a UK North Sea operator. He will be responsible for growing the company's operational capacity, leading Iona's transition to becoming Operator at Trent & Tyne and advancing the Orlando oil field development with its partners, until a permanent replacement is found for Mr. Alan Curran, the company's previous chief operating officer. Mr. Oldham previously led the organizational development of Nexen Petroleum U.K. Limited from a small non-operated position to being the second large oil production operator in the UK Continental Shelf. Mr. David Sherrard will resume his role as VP Developments, the position he held with Iona between December 2010 and July 2013, when he became the company's reserves advisor. John Baillie, Iona's VP Developments since mid-2013, will be leaving the company to pursue other interests. Most recently before joining Iona, Mr. Sherrard was responsible for the growth and transformation of a $5 million subsurface consultancy (RML) into a $100 million per annum broad based service provider (Senergy) offering high-end professional advice covering well operations and a full compliment of technical advisory services. Specific responsibilities included staff recruitment and management that saw the organization grow from 20 to 400 staff, client engagement, and leading the overall technical direction of the subsurface business. Mr. Sherrard was International Director for Senergy with remit to rationalize international offices and build regional management teams in the Middle East and Asia Pacific. In this period he was based in Abu Dhabi and, later, in Singapore. Mr. Nick Ritchie originally joined the company in February 2014 and, having quickly demonstrated strong capability, has been promoted to the role of VP Asset Management. Mr. Ritchie is responsible for numerous facets of delivery items for the company's Orlando, Kells, and West Wick developments, and additionally holds the role of Interim Drilling and Wells Manager in relation to Iona's numerous development efforts. Prior to joining Iona, Mr. Ritchie was the Director Facilities Engineering and New Developments Technical Director for Endeavour Energy UK Ltd. While at Endeavour Mr. Ritchie was a member of the International Leadership Team and during his tenure was jointly accountable for delivering significant reserves and production growth, as well as engaging in strategic planning and business development.