Iofina
www.iofina.com
www.iofina.com
Iofina is involved in the exploration and production of both iodine and natural gas with complete vertical integration into the specialty chemical iodine derivatives business. It also provides third party brine stream operators with a turnkey mid stream fee based solution to extract iodine. The presence of both iodine and natural gas has been discovered on acreages which the Company holds through its wholly owned subsidiary Iofina Natural Gas, Inc. The presence of iodine and natural gas allows the Group to generate dual revenue streams over a single cost structure.
Iofina is traded on the London Stock Exchange's AIM Market under the ticker: IOF
Iofina closes the development and production gap
Iofina (AIM:IOF) the natural gas and iodine exploration and production company, updated the market on its Atlantis Prospect in Montana USA. The group now has a total active, and pending, land bank position of over 60,000 net acres; representing an increase of 117% over the 28,000 acres disclosed in the Company’s AIM admission document.
In the update, Iofina also highlighted the completion of the expanded Iofina Express pipeline, which has a capacity of up to four million cubic feet per day representing a 33% increase over previous capacity. The group has also secured additional drill rigs for this fall and the spring of 2009 to enhance Iofina’s drilling schedule. Iofina also announced purchases of significant new drilling equipment.
David Schneider CEO commented:
“We have been pleased with progress at our Atlantis project since our IPO on AIM in May this year. A number of key milestones have been delivered under budget which is a testimony to the Iofina team. The pipeline extension and expansion has now been completed, the stripping facility delivered, the rigs and completion equipment purchased and the technology proven, and against this backdrop we also continue to add substantial value to our reserves through further acreage acquisitions. We believe that the Group is now well positioned to move from development stage to production.”
In the update, Iofina also highlighted the completion of the expanded Iofina Express pipeline, which has a capacity of up to four million cubic feet per day representing a 33% increase over previous capacity. The group has also secured additional drill rigs for this fall and the spring of 2009 to enhance Iofina’s drilling schedule. Iofina also announced purchases of significant new drilling equipment.
David Schneider CEO commented:
“We have been pleased with progress at our Atlantis project since our IPO on AIM in May this year. A number of key milestones have been delivered under budget which is a testimony to the Iofina team. The pipeline extension and expansion has now been completed, the stripping facility delivered, the rigs and completion equipment purchased and the technology proven, and against this backdrop we also continue to add substantial value to our reserves through further acreage acquisitions. We believe that the Group is now well positioned to move from development stage to production.”
