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Iona Energy - Huntington restart anticipated in February

Last updated: 22:45 20 Jan 2015 AEDT, First published: 23:45 20 Jan 2015 AEDT

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Iona Energy (CVE:INA) has told investors that production at its 15% owned Huntington field, in the North Sea, will not see normal operations until at least February.

The delayed restart is due to the ongoing closure of the CATS gas export infrastructure, which is not expected to resume normal operations until next month at the earliest.

Huntington is currently producing at a constrained rate of just 1,000 barrels per day.

Iona holds a 15% working interest in the medium-sized oil field, in block 22/14b in the Central North Sea, around 230km east of Aberdeen, and it has a further 2.55% economic interest through and entitlement and overriding royalties.

Huntington kicked off production in April 2013 at gross initial production rates of around 7,000 barrels per day.

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