Iona signs Trent & Tyne gas fields agreement

Iona has signed Transition Services Agreements with Wood Group PSN Ltd. and Senergy Wells Ltd. in support of the Company’s previously announced agreement to acquire Perenco’s remaining 80% operated working interests in the producing Trent & Tyne Gas Field licences in the Southern North Sea.

These agreements cover work required to receive consent from the Department of Energy & Climate Change (“DECC”) for the transfer of operatorship, assignment of the interests, and other regulatory approvals to enable Iona to operate the two fields and the associated EAGLES pipelines which transport production to the Bacton terminal.

The Trent and Tyne transition plan includes working with the Wood Group, Senergy, and Perenco to identify and implement well work to increase production from the existing well stock and to mature opportunities for drilling fresh gas accumulations located within reach of the infrastructure.

Wood Group is regarded as one of the world’s foremost production and services companies and provides scalable, integrated resources for supporting offshore oil and gas production facilities.

Senergy is a global integrated energy services company with one of its specialist areas being to apply expertise and technology to assist the development and management of oil and gas fields.

Neill Carson, CEO, commented “We are delighted to have concluded agreements with the Wood Group and Senergy and look forward to working with these leading companies as we transition to becoming the operator of the Trent and Tyne fields.”

 

Press Release, June 10, 2014

 

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