National Bank Financial Initiates Coverage with Outperform Rating for Iona Energy (TSXV:INA) - Video Research Alert on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, November 13, 2013 - National Bank Financial has
initiated coverage on Iona Energy (TSXV:INA). Analyst Amy Chang gives the
company an outperform rating, and a 12-month target of $1.00, a premium of 67%
to the $0.60 price the day the report was issued.
InvestmentPitch.com has produced a "video research alert" about Iona Energy
based on this report. If this link is not enabled, please visit
www.InvestmentPitch.com and enter "Iona" in the search box.
Iona Energy is a Canadian oil and gas company with assets in five core plays in
the UK North Sea.
The company's cornerstone assets include the Huntington Field which is oil, and
the Trent & Tyne Fields, which are gas. These fields underpin Iona's current net
production of approximately 4,000 barrels of oil equivalent per day, of which
approximately 55% is oil/liquids. With Huntington on-stream since April 2013 and
reaching peak production in early September, it is largely de-risked. The
company anticipates an updated reserves report in early 2014 which could include
significant additional reserve bookings at Huntington.
The next phase of Iona's mid-term growth includes first oil from the Orlando,
expected in Q4 of 2015, and Kells Field, expected in Q4 of 2016, which are
projected to increase production to 17,000 barrels of oil equivalent per day,
net to the company by the end of 2016. Beyond 2016, the company maintains a deep
inventory of additional growth prospects including the West Wick, which is heavy
oil, and the Ronan & Oran light oil developments, located 14 kilometres south
west of Kells.
The company recently closed a US$275 million callable senior debt deal on
September 30th, which in National Bank's view offers Iona greater flexibility to
fund continued growth, and to focus on execution.
Iona's senior management team is largely based out of Scotland, and is led by
Neill Carson who previously co-founded Ithaca Energy.
Analyst Amy Chang stated, "We view Iona to be a compelling investment
opportunity for investors looking for pure exposure to Brent-linked product
streams through an attractively valued vehicle that is well positioned to self-
fund significant growth in the UK North Sea."
For more information, please visit the company's website www.ionaenergy.ca or
contact David Ricciardi at 403-978-4894.
For more information about National Bank Financial or to obtain a copy of their
research report, contact your nearest National Bank Financial office. Their
branches are listed on their website at www.nbf.ca.
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 13.11.2013 - 17:36 Uhr
Sprache: Deutsch
News-ID 316172
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