Iona Energy Inc. (CVE:INA), a junior Canadian oil and gas company focused on the U.K. North Sea, advanced to the highest in ten days after saying third quarter revenue increased on quarter-on-quarter basis.
Iona Energy rose 3.3 percent to 63 Canadian cents, the highest intraday price since Nov. 19, at 1:34 p.m. in Toronto. The tock has gained 15 percent so far this year.
Revenue for the three months ended September 30 was C$18.8 million, up 57 percent from C$12 million in the previous quarter.
Gross profit before depreciation, depletion and amortization almost tripled to C$17.6 million in the third quarter, from C$6.3 million in the April-to-June period.
Average net production increased 68 percent to 2,656 boe/d in the third quarter, from 1,578 boe/d in the previous quarter.
On Sept. 30, Iona announced the settlement of previously announced $275 million senior secured bonds issued by its U.K. subsidiary, Iona Energy Co. Ltd., and full repayment of the company's senior secured borrowing base facility.
Proceeds from the bonds were used to offset 3.1 million call options, effective between October 2014 and September 2016, of the 7.4 million remaining call options.
The remaining Bond proceeds are allocated towards funding the delivery of the Orlando and Kells projects to first oil.