Iona Energy Inc. (TSX VENTURE:INA) is a Scotland-based Canadian oil and gas company focused on value creation from the mature parts of the oil and gas value chain, including appraisal and development of existing proven undeveloped oil and gas accumulations, redevelopment of previously producing fields and exploiting already existing producing fields through renewed late-life field development and increased oil recovery initiatives. In order to maximize value from existing infrastructure the company is occasionally involved in low risk infrastructure led exploration efforts. Iona’s license policy is centred on targeted acquisitions and licensing round applications supporting this strategy within well-known and established hydrocarbon basins. Through its operating subsidiaries, Iona US and Iona UK, the company is active in the United States (Alaska) and the UK Continental Shelf with its focus primarily on the UK North Sea.
Iona holds five core plays in the UK North Sea - four crude oil development projects (Huntington, Orlando, Kells and West Wick) and one natural gas development project (Trent & Tyne). As of 31 December 2012, Iona had estimated 2P reserves of 36.0 MMboe, all of which are related to these 5 assets.