Business
Third Party Iodine Agreement
Third Party Iodine Agreement.
About this update from Iofina Plc
[{"type":"text","content":"\n RNS Number : 1462K Iofina PLC 14 April 2010 \n \n\n \n14 April 2010\nIofina plc\n (\"Iofina\" or \"the Company\")\nThird Party Iodine Extraction and Collection Agreement Signed \n \nIofina PLC (LSE AIM: IOF) is pleased to announce that its subsidiary, Iofina Natural Gas, Inc., has reached an agreement with Warren E&P, Inc., a subsidiary of Warren Resources, Inc. (NASDAQ: WRES) (\"Warren\") to recover iodine from the Wilmington Townlot Unit located in the Los Angeles basin of southern California, the third largest oilfield in the United States. \nWarren currently produces approximately 30,000 barrels per day (bpd) of iodine rich brine water from its operations at the Wilmington Townlot Unit in Wilmington, CA. The brine has iodine concentrations exceeding 90 parts per million (\"ppm\").\nThe ability of Iofina's WET® technology to quickly deploy to any location and adapt to variations in brine water streams will allow for the commencement of iodine recovery within the next 45 days. This is the most significant brine stream the Company has secured so far in California with respect to volume, concentration of iodine, and quality of brine water. \nIn addition to the ongoing development of our Atlantis property, which remains a core focus for the group, Iofina continues to focus on expanding its third party brine operations. The Company is in regular contact with a number of operators in order to receive brine samples and perform full testing to enable us to calculate production costs and potential yields. In the US alone Iofina has already identified several hundred operations that have tested over 50 ppm of iodine, with a number reaching up to 2000 ppm of iodine. It is encouraging that many of these brine streams have significantly higher volumes than anticipated and, in addition, many are being found in new geological formations that were not previously known to contain high concentrations of iodine.\nFurther to our previous announcement dated March 22, 2010, Iofina is pleased to provide an update regarding the third party Iodine Extraction and Collection Agreement with The Termo Company. Field technology staffs are currently being trained and the extraction will commence the week of 19th April 2010.\n \nLance Baller, Iofina plc's CEO and President commented: \n\"This agreement represents...