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Additional Information
Market: AIM
Sector: Energy
EPIC: IOF
Latest Price: 34.13p  (-4.88% Descending)
52-week High: 36.75p
52-week Low: 16.25p
Market Cap: 39.49M
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Iofina
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

Full Iofina profile here
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Iofina interims underline solid progress

9th Sep 2008, 9:55 am Iofina interims underline solid progress

Interim results from Iofina, which listed on AIM only in May this year, highlighted considerable progress in the short time frame that the company has been a PLC.


Iofina raised £15.1 million at 55 pence per share in May, and interim results today confirmed that as of the end of June, the company still has cash resources of £14.2 million. Iofina’s primary task has been to prepare for drilling, which is expected to commence shortly with the onsite arrival of the first drill rig, owned and operated by the company.  Iofina also reiterated its intent to sub-contract its spare rig capacity to nearby gas field developments.  


Beyond gearing up for drilling at its flagship project, the Atlantis Gas-Iodine Prospect in Montana, USA, the company also acquired an additional 28,888 net acres within the Atlantis Prospect, and has a further 13,842 acres pending.  Iofina additionally acquired 30,000 net acres in a new gas and iodine prospect, also in Montana, named Triton.  Iofina intends to joint-venture this project, and confirmed this morning to Proactiveinvestors that it was making good progress in finding a suitable partner.
Since listing, a competent persons report has estimated that the initial 28,000 acres in the Atlantis Prospect to have a gas resource of 155 billion cubic feet (bcf) and 100m Kg of Iodine.


“Iofina is in a strong financial position to begin exploiting both its resource base and to vertically integrate into new associated businesses. We are particularly excited about the imminent commencement of large scale gas and iodine production in the Atlantis Prospect, which will move our business into cash generation.” Stated Iofina’s CEO, David Schneider.

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