Iofina (LON:IOF) restated second half production guidance as it updated on progress.
The company extracts iodine from the brine water supplied by the oil and gas industry and has five IOsorb units in Oklahoma that handle process.
In the third quarter it produced 143.6 metric tons of crystalline iodine, up almost 89% year on year, while in the year to date it has generated 437.7 tons of the product.
It reckons it will process between 260 and 300 tons in the second six months of the year, even after unanticipated downtime at a partner’s brine disposal well.
This was to enable maintenance, but hiatus also allowed Iofina to bring forward work scheduled for later in the year.
“Iofina continues to perform well despite some unanticipated necessary upkeep by our partners in the period. I am pleased with our production for the quarter - we are on track to meet production targets for the second half of 2015," said chief executive Tom Becker.
Separately, it updated on its Montana water permit review and said a court hearing is scheduled for the first quarter of 2016. The company had its application rejected and is looking to overturn that decision.