Canada-based, North Sea-focused independent exploration firm Iona Energy has appointed two industry veterens to its ranks and said it plans to go on the acquisition trail as part of growth plans.
Former Ithaca Energy CEO Iain McKendrick has joined the company as executive chairman and Tom Reynolds, who led Bridge Energy, has joined the company as CEO and president.
McKendrick and Reynolds have also been appointed to Iona's board of directors. The move is part of a change in emphasis and strategy for Iona, which the firm said it would outline in its next investor presentation.
"It is the ambition of the board of directors to build on the existing corporate platform to create a North Sea production company of scale with the intention of ultimately paying a sustainable and progressive dividend once the company reaches a position of higher production and stronger free cashflow," Iona said in a statement. "The company intends to achieve this strategy which focuses on "scale, production, yield" mainly through acquisition of existing production companies, acquisition of producing assets and a more effective use of tax loss pools."
McKendrick has spent his entire career in the oil and gas industry, including experience with the Wood Group and with the Total group of companies in London, Aberdeen, Colombia, and Houston. During his career, McKendrick has worked closely with technical, financial and commercial people with the purpose of executing and delivering on development and production enhancement projects.
Most recently, McKendrick was CEO at Ithaca Energy, helping see through Ithaca's success in bringing two operated developments to first oil, raising necessary capital, and completing a series of accretive acquisitions.
Reynolds has more than 20 years' experience in the energy sector, including executive level experience with North Sea focused exploration and production companies and with energy-focused investment firms. A chartered engineer, Reynolds has held positions with BP, Total, and British Nuclear Fuels. Most recently, Reynolds was CEO of Bridge Energy, which he led through a secondary AIM listing, a number of accretive acquisitions and raising capital in the debt and equity markets. In 2013, Reynolds saw through the sale of Bridge Energy to Spike Exploration.