Monday, November 14, 2016

Iceland: HS Orka Reports Financial and Operational Updates

HS Orka hf - Consolidated Condensed Interim Financial Statements for Q3 2016 (News Release)

HS Orka hf announces Consolidated Condensed Interim Financial Statements for the nine months ended September 30, 2016

Company profit for the period was ISK 2,714 million (YTD 2015: ISK 290 million), driven primarily by increased aluminum prices (see below). Operating revenue was 4.9% lower at ISK 5,119 million (YTD 2015 ISK 5,382 million) largely due decreased generation at Reykjanes and reduced sales to fish smelters due to a poor fishing season.

The deep drilling program at Reykjanes has progressed below 3,850 meters, making it the deepest drilled hole in Iceland. The target depth remains 5,000 meters, and drilling progresses at 8.5" diameter. Estimated well-bottom temperatures are currently around 400°C. The program hopes to elucidate a previously untapped supercritical steam zone.

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