HS Orka hf - Company Announcement

Contract and MoU

Press release



16 December 2011



On 11 November 2011 the Government of Iceland and Reykjanesbær signed an
agreement for the sale of land and resources at Reykjanes to the state
treasury.  In accordance with a purchase agreement from 17 July 2009, when HS
Orka sold this land and resources to Reykjanesbær, the current transaction is
subject to consent by HS Orka.  HS Orka has now entered into an agreement with
Reykjanesbær and signed an MoU with the government that secure´s that the
company‘s rights are not harmed by the transaction. 

The parties will now start negotiations concerning the utilization of the
natural resource in the area and the plan is to conclude those negotiations no
later than 1 July 2012. 



Júlíus Jónsson

CEO HS Orka hf