Iona Energy Inc. announced drilling update for Orlando well 3/3B-13. Since the company's operational update on the Orlando appraisal well of December 21, 2011, a 9-5/8 inch casing was successfully set at 11,230 feet, from which point an 8-1/2 inch hole has continued to a current measured depth of 13,206 feet, putting the well approximately 50 feet above the targeted Brent reservoir within the planned trajectory for the development well. In addition to the weather-related delays mentioned in the prior operational update, there have been additional weather delays and most recently mechanical issues that have curtailed drilling activities. Rig repairs are currently being effected and it is expected that drilling activities could resume within approximately 7 days subject to the satisfaction of all parties that operational integrity is assured. At present, drilling is suspended. Operational options are being considered, which include suspending the well for completion on final development at a later date should any technical integrity have been compromised by the failure. To date, Iona has met all of its cash commitments to the project, now totaling USD 19.2 million. The company announced the appointment of Ann Livingston as group Financial Controller. Based in Aberdeen, Mrs. Livingston comes to Iona most recently from Dana Petroleum plc (Dana) where she spent 7 years managing external public company reporting and audits, and was a key member of numerous corporate and asset acquisitions and integrations, including the integration of Dana with the Korean National Oil Company. Prior to Dana, Ann spent 11 years at Ernst & Young LLP, ending her time there as the Senior Manager of a portfolio of US and UK energy related clients for whom she directed statutory, multi-venture, and royalty audits.