NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Iona Energy Inc.
TSX VENTURE SYMBOL: INA
JUNE 3, 2014
Iona Energy Announces Organizational Update
CALGARY, ALBERTA--(Marketwired - June 3, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN
Iona Energy Inc. ("Iona" or the "Company") (TSX
VENTURE:INA) is pleased to announce an organizational update, welcoming Philip
Oldham as Interim Chief Operating Officer, David Sherrard as VP Developments,
and Nick Ritchie as VP Asset Management.
Mr. Philip Oldham, Interim Chief Operating Officer
Mr. Philip Oldham originally joined the Company to elevate its capacity for
execution and growth as a UK North Sea operator. Mr. Oldham brings valuable
executive level broad business and commercial North Sea experience with respect
to operatorship, joint ventures, new business operations, supply chain
management, and infrastructure access. 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 ("Nexen UK") from a small non-operated position to being
the second largest oil production operator in the UK Continental Shelf. At the
time of his departure, Nexen UK had grown to over 1,200 staff and was producing
approximately 250,000 boepd. Mr. Oldham managed typical annual net cash flows
of $3 billion and operations and development budgets of $1 billion each. As a
member of Nexen's Corporate Executive Management Committee, he also
assisted in overviewing all corporate operations and activities worldwide.
Additionally, Mr. Oldham was a Director of six Nexen subsidiaries, including
Nexen Exploration Norway AS and Nexen Energy Marketing Limited.
Mr. Oldham graduated from the University of Leicester with a Bachelor of
Science and a Master of Science in Fluid Mechanics.
Mr. David Sherrard, VP Developments
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. Iona
would like to thank Mr. Baillie for his hard work and efforts during his time
with the Company and wish him continued success in his future endeavors.
Mr. Sherrard has worked as an upstream technical manager for over 30 years,
gaining Major company experience in Europe and North America with Chevron and
BP. He was the development manager at BP's Wytch Farm oil field in England
where world record step-out horizontal wells were the transforming technology
that unlocked reserves. Latterly at BP, Mr. Sherrard was responsible for the
management of a portfolio of joint venture gas field operations in the UK
Southern North Sea covering pre-development acreage, producing fields,
pipelines and terminals, and was tasked with all technical and commercial
activities that underpinned 200 MMscf/d of gas production.
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. Sherrard graduated from Cambridge University with a B.A. in Engineering
Science and later earned a Master degree in Petroleum Engineering from Heriot
Watt University in Edinburgh. He is also a Chartered Petroleum Engineer and is
a member of Iona's Health, Safety and Environment Committee.
Mr. Nick Ritchie, VP Asset Management
Mr. Nick Ritchie originally joined Iona 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
("Endeavour"). 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. He was instrumental in the
creation, day-to-day running, resourcing and output of the facilities
engineering and new development division at Endeavour. He was OCM chairman and
Asset Manager for the Rochelle development and the Renee/Rubie decommissioning
projects, as well as the non-operated Joint Venture manager for the Columbus
and the Ivanhoe/Rob Roy and Goldeneye decommissioning projects. Mr. Ritchie was
accountable for up to $1 billion in international development projects and over
$200 million in decommissioning projects.
Mr. Ritchie graduated from the University of Strathclyde with a BEng (Hons)
Naval Architecture and Offshore Engineering - 1st, obtaining Deans certificate
of merit on 1st, 2nd and 3rd years of study and was awarded the technical prize
on final year.
Additional information relating to the Company is available on SEDAR at
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
Notes Regarding Oil and Gas Disclosure
As used in this press release, "boe" means barrel of oil equivalent
on the basis of 6 mcf of natural gas to 1 bbl of oil. Boes may be misleading,
particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.
Additionally, this press release uses certain abbreviations as follows:
Oil and Natural Gas Liquids Natural Gas
boepd barrels of oil equivalent MMscf Millions of standard cubic
per day feet
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Iona Energy Inc.
Neill A. Carson
Chief Executive Officer
+44 1224 228400
Iona Energy Inc.
Graham A. Heath
Interim Chief Financial Officer
+1 403 605 6726
INDUSTRY: Energy and Utilities - Oil and Gas
-0- Jun/03/2014 13:41 GMT
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