Business
Issuance of Permit
Issuance of Permit.
About this update from Iofina Plc
[{"type":"text","content":"\n RNS Number : 2235L Iofina PLC 04 May 2010 \n \n\n \n \n 4 May 2010\nIofina plc\n (\"Iofina\" or \"the Company\")\n \nIssuance of Permit \nIofina PLC (LSE AIM: IOF) is pleased to announce a significant development in the Company's growth plans. The Montana Department of Environmental Quality has today granted Iofina a permit to discharge 30,000 barrels of treated produced water per day into the Fresno Reservoir, located within one mile of the Atlantis Field. The issuance of the permit required years of research and development in collaborations with scientists from the Colorado School of Mines (\"CSM\") and Montana State University (\"MSU\").\nThe permit provides Iofina with a number of benefits:\n· Produced water can be treated to concentrate the iodine before being pumped through the stripping plant improving iodine extraction rates\n· Costs savings associated with being able to discharge water direct to the Reservoir rather than back into the ground via re-injection wells\nThe Company will begin field pilot testing and review the construction of a new water treatment facility. \nThe importance of this development\nIofina co-produces saltwater from its wells in the Atlantis Field. Produced water is shipped approximately 12 miles to the iodine recovery plant via its 100% owned brine pipeline. After recovery of the iodine and natural gas, the spent brine is currently re-injected in the subsurface. The Company received no value for this spent brine water subsequent to the recovery of iodine and natural gas and incurs the costs of drilling reinjection wells and disposing of the water. \nThe granted permit now allows Iofina to treat the produced water at the Atlantis Field first to improve the concentration of iodine in the water. The concentrated iodine enriched water will then be piped to the extraction plant resulting in reduction in operating costs and increased operational efficiencies. These increased efficiencies include, iodine extraction and stripping process, increased pipeline capacity and fewer reinjection wells. Further, the treated produced water can now be discharged direct to the nearby Fresno Reservoir, operated by the Federal Bureau of Reclamation, as a part of a water exchange agreement with the United States ...