Iona Energy Inc. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment of Oil and Gas Properties for the Second Quarter Ended June 30, 2015
For the six months, revenue was $24.43 million against $62.75 million a year ago. Net Loss before tax was $32 million against $23.35 million a year ago. Net loss for the period was $61.12 million against $28.37 million a year ago. Diluted loss per share was $0.16 compared to $0.08 a year ago. Cash flow used in operating activities was $5.84 million against cash flow from operating activities of $27.1 million a year ago. Expenditure on property and equipment was $15 million against $1.805 million a year ago.
For the quarter, the company reported average net production of 3,303 barrels of oil equivalent per day against 2,382 boepd a year ago. Production during the three month period ended June 30, 2015 increased versus the comparable period in 2014 driven by performance of the Huntington field during second quarter 2014 when issues with the FPSO and access to the CATS export route significantly constrained production.
For the six months, the company reported average net production of 2,510 barrels of oil equivalent per day against 2,979 boepd a year ago. Production during the six month period ended June 30, 2015 decreased versus the comparable period in 2014 driven by the production issues experienced during first quarter 2015 at the Huntington field.
Impairment of oil and gas properties for the second quarter ended June 30, 2015 was $13.4 million.