Huntington Production
The Huntington Field is currently producing approximately 20,000 bbls/d of oil and 15 MMcf/d of natural gas (3,500 bbls/d of oil and 2.6 MMcf/d of gas net to Iona) as production continues to increase following the previously announced curtailment of the flow of Huntington gas implemented by the Operator of the Central Area Transmission System (CATS). Iona expects peak production capacity of 30,000 bbls/d of oil and 27 MMcf/d of natural gas to be reached in December. Since the CATS restriction, the Huntington field and FPSO have continued to operate efficiently and have produced to the maximum capacity possible under the curtailment. CATS is operated by BP plc.
The working interests in the Huntington field are E.ON Ruhrgas UK E&P (25% Operator), Premier Oil plc (40%), Norwegian Energy Company ASA (20%), and Iona (15%). In addition to the working interest, Iona holds a gross overriding royalty of 2.55% of the total Huntington production, payable from the Huntington Joint Venture Partners.
About Iona Energy:
Iona is an oil and gas exploration, development and production company focused on oil and gas development and exploration in the United Kingdom's North Sea.
