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(IOF.L) Iofina PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 08-03-10 | RNS |
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RNS Number : 2048I Iofina PLC 08 March 2010 8 March 2010 Iofina plc ("Iofina" or "the Company") Operations Update Iofina, the gas and iodine production company, is pleased to provide an update on its recent operational activity. Highlights
On the operations update, Dr. Chris Fay CBE, Non Executive Chairman commented: "The past few months have been a period of transition for Iofina. We have put in place the structure and framework required for the Company's next stages of development. We are pleased that production at Atlantis is back on track and progressing well and we look forward to keeping shareholders informed of forthcoming production metrics. In addition, Iofina is in contract negotiations with a number of parties for third party brine streams. We look forward to informing shareholders about the detail of these in due course." Operations Update Despite the setbacks to the initial timings, as highlighted in the September 2009 Interim report, Iofina is pleased to announce that it has subsequently made excellent progress on all elements of iodine and natural gas extraction and the third party brine stream development plan. Commercial Scale-Up of Iodine WET® Plant The critical scaling-up of the central iodine extraction plant at Atlantis was accomplished on budget in less than ninety days with several automation improvements being made. Following the successful initial phase of utilising the infield self-contained, POD/Cluster WET® iodine extraction units, capable of handling up to 6,500 barrels per day ("bbpd") of iodine rich brine, the decision was made to scale up to the larger Atlantis facility in a series of phases. This will allow for the future expansion of the plant as production grows and will also provide the construction blueprint for much larger third party brine stream plants in other locations. The engineering for the plant had to include additional capacity ranging from 30,000-100,000 bbpd, minimising of the plant's footprint, the incorporation of superior filtration systems (key for third party brine that may contain contaminants) and the implementation of flexibility in the stripping process. The iodine extraction plant is now receiving the initial flows of the phase 1 brine line development as outlined in the 30 September 2009 press release. The plant upgrade and design have also incorporated components that will be utilized on larger >30,000 bbpd third party brine streams. The operational template employed allows Iofina to install quickly and cost efficiently a "mini plant" on large third party brine streams, where appropriate. It also offers the ability for third party brine operators to witness and verify both the infield self contained POD/ Cluster WET® units and the mini plant WET® at the Company owned production field, with obvious benefits to the ongoing contract negotiations. It is too early to give precise information regarding iodine yields as the absorbers will need to be filled and stripped multiple times, however initial indications are that yields will be at least in line with earlier expectations. Based on initial measured weight gain expectations the "mini plant" is performing on par with the mobile WET® Pods. Drilling and Completion of Additional Wells at Atlantis Further development of the natural gas and brine reserves has taken place at Atlantis to feed the expanded capacity. The specific location for each well was based on geological models developed during the initial drilling phase last year and chosen to maximise both gas and brine production. This was completed by incorporating the well log and historical production data, optimising increased production with artificial lift, minimising surface facilities and allowing future expansion while minimising capital investment. Once the locations were chosen Iofina was able to obtain fixed cost or "turnkey" contracts to drill the wells and to install the major components of the production facility and surface equipment. All the work on the twelve producing wells and three injection wells has been completed. Initial production rates are encouraging with natural gas production exceeding expectations and brine flow meeting expectations. The Company is experiencing higher casing pressure due to higher than anticipated gas volumes. Iofina will continue to optimise surface facilities to achieve maximum natural gas and brine production, thus maximising dual revenue streams. The Company is currently drafting its phase 2 field rollout and has received an additional brine injection well permit. Third Party Brine Streams A key component of Iofina's strategy consists of providing a full service solution to resource operators generating brine streams associated with oil and natural gas production. A rigorous engineering review of the modular POD/Cluster WET® units has been completed and improvements to the PODs and to the WET® plant have been incorporated in four of the six units that are now available to be deployed to third party brine streams. Each POD is capable of production rates of up to 6,500 bbpd per unit. Iofina has identified a large number of different third party brine stream operators in the U.S. and is in various stages of evaluations and discussions in respect of each of these. These brine stream opportunities range from 2,000 to more than 500,000 bbpd per location and from 50 parts per million ("ppm") (similar to Atlantis) to highly iodine rich sources with more than 1,000 ppm iodine. Each brine stream carries its own unique chemistry and economics which are all significant to the Company. Iofina looks forward to informing investors of further details in due course. Iodine Chemical Derivatives H&S Chemical (renamed Iofina Chemical) was acquired in July 2009 for $8.5 million providing Iofina with direct integration into the higher margin $2.5-3 billion per annum iodine chemical derivatives market. Over the past seven months Iofina has implemented a number of initiatives in order to better position the business as part of the wider integrated Company offering, as well as having reacted to a slowing in demand in Q4 2009 which had an impact on margins during that period. Key changes have included re-pricing of certain products; pitching for new higher margin business from existing and prospective clients; scaling back lower margin products and accounts; launching a new iodine based product; management changes; making capacity improvements to the plant for methyl iodide (a new crop fumigant); and building inventory in anticipation of a recovery in product demand. Despite the repositioning of the Chemical business and the economic slowdown, it has remained profitable since ownership. Furthermore, the Company is pleased to announce a recent large order of £1.9 million that will be delivered over the coming three months to a new and growing customer. With the addition of this contract, other order wins, and the changes that have now been implemented, there has already been a noticeable indication of recovering profit margins at Iofina Chemical for 2010.
For further information, please contact:
About Iofina 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 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 both 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 www.Iofina.com Wellhead Extraction Technology® and WET® are registered trademarks of Iofina Natural Gas, Inc. This information is provided by RNS The company news service from the London Stock Exchange END
MSCDMGGFGNMGGZZ More |
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| 08-03-10 | RNS |
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RNS Number : 2049I Iofina PLC 08 March 2010 8 March 2010 Iofina plc ("Iofina" or "the Company" or "the Group")
MANAGEMENT CHANGE The Board of Iofina announces that following an organisation review in the light of the broadening scope of the Company's business Lance Baller, currently Finance Director of the Group, has been appointed as CEO of the Group in place of David Schneider, with immediate effect. It is expected that a new appointment to the role of Finance Director will be made shortly. Also, effective immediately, Dr Tom Becker has been appointed as President of Iofina Chemical Inc. Dr. Becker was the former vice president of Research and Development at H&S/Iofina Chemical. Iofina bought H&S Chemical in July 2009 for complete vertical integration into the iodine chemical derivatives market. Dr. Becker has conducted extensive research in both inorganic and organic halogen based chemistry. Dr. Becker has written a magnitude of published technical papers in his career. Prior to H&S Dr. Becker worked as an Oak Ridge Scholar on behalf of the US EPA and worked for various other chemical manufacturing companies. Dr. Becker earned a BS in Chemistry from Indiana University, and a PhD in Chemistry from the University of Cincinnati. He has extensive experience in scale-up of chemical processes from laboratory to pilot to full scale production and is the inventor on several chemical patents/patent applications. Dr. Chris Fay CBE, Non Executive Chairman commented: "We are continually looking to strengthen Iofina's management team and Board as evidenced by a number of personnel announcements. As the Company's focus now transitions from one of exploration and technology development towards production, contract negotiations and cash generation, the Board has concluded that Lance is best placed to lead the Company through this next phase of growth to drive shareholder value creation."
For further information, please contact:
About Iofina 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 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 both 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 www.Iofina.com This information is provided by RNS The company news service from the London Stock Exchange END
MSCUGUMCWUPUPUM More |
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| 12-01-10 | RNS |
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RNS Number : 4280F Iofina PLC 12 January 2010 Iofina Plc ("Iofina" or "the Company") Directorate Change Iofina is pleased to announce that Mr. Forest Dorn has been appointed to the Board of the Company, following his appointment as President and CEO of Iofina Natural Gas, Inc, a subsidiary of Iofina Plc, in August 2009. Mr. Dorn has been granted options over 450,000 ordinary shares in the Company at an exercise price of 83 pence each under the Company's share option scheme. There is no information in relation to the appointment of Mr. Dorn required pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies other than as set out below: Forest Dale Dorn, aged 55 Current Directorships and Partnerships Avanti Exploration LLC Robin L. Dorn & Associates
For further information, please contact:
Lance Baller, Finance Director Nominated Adviser:
This information is provided by RNS The company news service from the London Stock Exchange END
BOAGGURUGUPUGAP More |
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| 08-01-10 | RNS |
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RNS Number : 2292F Iofina PLC 08 January 2010 8 January 2010 Iofina plc ("Iofina " or the "Company") Director's Dealings Iofina announces that Dr David Schneider, Chief Executive Officer, and his wife, Julie Schneider have each transferred to their adult sons, 28,000 ordinary shares of 1p each ("Ordinary Shares") in the Company. As a result of these transactions, the beneficial interest of Dr Schneider, which includes those Ordinary Shares held by his wife, is now 7,444,000 Ordinary Shares, representing 7.13 per cent. of the total issued share capital of the Company. For further information: Lance Baller, Finance Director Iofina plc Tel: +44(0)20 3006 3135 Nominated Adviser: James Harris/Angela Peace Strand Hanson Limited Tel: +44(0)20 7409 3494 Broker: Rory Scott Mirabaud Securities Limited Tel: +44(0)20 7878 3360 Media Contact: Chelsea Hayes Pelham Public Relations Tel: +44 (0)20 7337 1523 This information is provided by RNS The company news service from the London Stock Exchange END
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| Date/Time | Subject | Author | ||
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| Thu 20:43 | ||||
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Hi Westmoreland1,
I'm glad you are still posting here - I will disagree with you to a certain extent, but that doesn't mean that I don't appreciate your posts. 1) I disagree that news comes after a price rise (I take it you were insinuating that there was a leak of news). I've been following IOF since IPO (and first bought in, like RitchTea, at around the December 08/Jan 09 low). I used to comment that news always came after a dip in SP. As it is, there are intermittent walks up and down in the SP. Its rise to 99p was based on no news and it was just walked down again. That wasn't a single occasion that it was walked up and down for no apparent reason. It's been walked up to the late 40s a few times since it has plummetted and not always followed by news. My take: no particular pattern at all here 2) My immediate reaction was also that Lance B was a strange choice for new CEO. I'm not sure if he was responsible for PR or just got lumbered with it! Maybe if their immediate aim is for contract negotiations, that's a reason to have a finance guy at the top? Agree that it's a strange choice, though. But maybe it is precisely the negotiations that have been stumbling and having a finance guy at the top may help? Just another POV. 3) I think they were projected to have 100 wells by now, so I think it was fair of them to spend time explaining why they are focusing on scaling up - after all, some of the potential contracts they are negotiating include far higher iodine rates than Atlantis for little cost (if you believe what they say and it is an RNS) and the rates at Atlantis, if I recall correctly, were at least equivalent to that predicted at IPO. They can't give update on much else because, it seems, they are still finalizing stuff. It also make sense for them to be amending their technology to strip out pollutants from other fields and to go strongly for the third party stuff given the potential for very high yields. Better to get the technology right rather than go straight in and then find out you could have got better yields by improving the technology first. Also, in the IPO document, the resultant water could be sold back, if I recall correctly, due to the purifcation processes. So, if they improve these, it improves the long-term profitability of the company. This isn't a share for a quick in and out; it is a long-term hold. 4) Yes, iodine yields expected to be in line with expectations but no concrete data can be given yet. I did find this surprising since they claimed that commercial iodine production had started since July last year. Not sure what to make of that. 5) and 6) Too technical - sorry, can't comment. You could be right, you could be wrong, for all I know! True, no prouction figures, which is frustrating, but the decrease in producing wells should not be a surprise during the winter months. They said they would shut down then, so why should we expect anything different? I do wonder if this means that it will have seasonal variations in SP after all. 7) Yes, still pursuing deals, but they are at the contract negotiation stage. They have said they will report back. They have given us figures of >1000 ppm iodine; to me this suggests they are in last-stage negotiation processes because somehow they have managed to get these estimates from various third parties. I think this is very exciting and I'm glad they are putting in the time to get it right. Again, just another POV. 8) I was disappointed that H&S (Iofina Chemical) profits dropped in Q4 (but still profitable), but news of large contract for this year is encouraging. Results in May may not be that great but hopefully we will get some forward-looking statements or further update. I was surprised not to get information about Triton because they have to drill within 1 year in order to get the land for free. Have they extended this agreement? I'd like to know what's going on. My impression was that they were leaving development of Atlant . . . Read Full Message More | View thread (4) | Respond | Login to Vote up |
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| Thu 16:09 | ||||
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Buying up cheap land to try out dodgy iodine applications in the hope that something will happen. A gameplan worthy of Walter Mitty.
The eminent Steven Tedesco tried this 10 years ago before realising the folly of it. Then linked up with Nighthawk to trick investors into thinking they have the next Bakken. You can tell the stinky ones a mile off. Ntog, Nighthawk and Iofina are 3 stinkers to avoid. |
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| Thu 15:24 |
SELL
Re: What We Learned
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A really excellent piece of analysis, which unfortunately does nothing but confirm my suspicions that the technology is not economically viable.
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| Wed 19:45 |
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For what it's worth, here is my take on latest news from Iofina:
1) We now know WHEN TO EXPECT NEWS FROM IOFINAimmediately following 2 or 3 days of unexpected and unexplained rise in sp. 2) DAVID SCHNEIDER is out and LANCE BALLER is in as the new CEO of the company. Mr. Baller is the former CFO and the person responsible for the company's investor relations. IOF's IR has been underwhelming to say the least. Based on his bio on Iofina's website, it looks like Baller is a finance guy with no experience in operations or management. Speaking of operations experience, I don't see much of it in IOF's upper level management team. I hope Mr. Baller does a better job as CEO than he did in investor relations. One other consideration with the management change is that Mr. Schneider owns 7.2% of the company; if he starts liquidating his position in IOF (selling stock), it could drive the sp down. 3) Approximately 45% of the Operations Update involves IOF's recent engineering efforts to SCALE-UP of the infield self-contained WET Iodine Extraction POD/Cluster unit (6500 bwpd capacity) to a larger central plant/facility type unit capable of handling 30,000 to 100,000 bwpd and the benefits to Atlantis and prospective 3rd party iodine extraction deals. I don't want to sound too condescending, but IMO "scaling-up" of existing technology/equipment shouldn't carry that much weight, especially when operations updates from IOF come every 6 or 7 months. 4) Still no news on the IODINE YIELD at Atlantis: "It is too early to give precise information regarding iodine yields as the absorbers will need to be filled and stripped multiple times, however initial indications are that yields will be at least in line with earlier expectations." 5) The production wells actually DO REQUIRE ARTIFICIAL LIFT. Until this latest RNS, IOF has steadfastly maintained that the production wells will flow naturally (artesian flow). Artificial lift (ex - electrical submersible pump or beam pump) will dramatically affect the economics of each well and the overall project economics for developing Atlantis & Triton for natural gas and iodine production. Artificial lift requires CAPEX to purchase & install the equipment and OPEX (electricity, maintenance, repair) to operate the equipment to produce the massive volume of brine water. 6) 12 PRODUCTION WELLS and 3 WATER INJECTION wells have been completed and are in operation. This tells me that the 10:1 ratio (production wells to water injection wells) that IOF has previously mentioned in the context of field development may be more like 4:1. I had a hard time believing that 1 water injection well could facilitate 10 production wells making 600 to 2000 bwpd. No gas, water, iodine production data provided by IOF. 7) IOF is STILL PURSUING DEALS to install WET iodine extraction units/plants in 3rd party brine producers operations. No deals struck yet. 8) IOF is STILL IN THE IODINE DERIVATIVES BUSINESS with purchase of H&S chemical. Mad-Chick: IOF has leased 30,000 acres in Triton field which is located somewhere in southeast Montana (4th largest U.S. state). This represents only about 10% of all IOF leased acreage in Montana and the U.S. for that matter. It sounds like they are struggling to develop the acreage in Atlantis (280,000 acres) and prove that the field is economic to develop for gas and iodine production. Trying to develop Triton and Atlantis while pursuing 3rd party deals for iodine extraction and operating the idoine derivatives business is probably asking too much from a competent, experienced management team, let alone the folks running IOF. |
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