Irwin Michael, B.Com, MBA Iona Energy Inc. INA.H-X BUY Sep 10, 2012

Looking to bring on production in some of their North Sea assets within 6 to 9 months. In deeper water so she has avoided this because of possible risks in bringing the wells on. Management has a very good relation with a lot of the majors that are in the North sea. She is not comfortable with operations in deeper water but she is watching this.

North sea and are fully cashed up. In production with Huntington, which they just bought. Trading at less than half of NAV. Tremendous free cash flow.

Explorer/producer in the North sea. Likes what they are doing. It is very key that they did this $275 million financing. They paid up 9.5% at a bit of a discount price. This frees up all of this money for them to pay off their very restrictive bank lines. NAV is anywhere up to around $1.50, indicating it has garnered a lot of respect. Thinks it will go higher.

Likes it. An Irish company but Canadian in name only. Company is fundamentally cheap. Has a NAV of $1.50 he believes. They have a good spread on the oil price. Likes management.