Irwin Michael, B.Com, MBA Iona Energy Inc. INA.H-X BUY Dec 03, 2013

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.

Start-up. North Sea. Getting Brent prices. Likes what they are doing. NAV from $1 to $1.50. Stock not very well followed and in a show-me mode.

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.