ADM Energy PLC has provided an update on the operations of JKT Reclamation, LLC, in which the company owns a 30.6% economic interest. The company has received delivery of a 550-barrel capacity mixing tank and two new pumps, which will be installed at the site in Wilson, Oklahoma. JKT has initiated a work program to improve processing capacity and efficiency. The gross barrels of oil produced at the facility from February to May 2024 are detailed in the update.
The company has also received a cash distribution of US$14,000.00 from JKT for production during April 2024, with expectations of cash distribution levels to grow with production in the coming months. ADM will receive 42.0% of cash distributions until it has received US$356,250.00 and 30.6% thereafter. JKT is evaluating properties for a second reclamation facility in Texas, with further details to be provided in due course.
Stefan Olivier, CEO of ADM Energy, expressed satisfaction with the initiation of the work program at the Wilson, Oklahoma facility and the expected increase in production and cash flow. The company is also interested in participating in a second reclamation facility in Texas. The update also includes information about the company's investments and interests in JKT Reclamation, LLC, OFX Technologies, LLC, and the Aje Field offshore Nigeria.
JKT Reclamation, LLC, is the owner of a 20-acre facility in Wilson, Oklahoma, with fixed assets including storage tanks and proprietary chemical formulae. The company believes its chemical-based process provides competitive advantages, allowing for lower operating costs and higher profit margins compared to similar facilities. The update concludes with a disclosure of forward-looking statements and contact information for investor enquiries.
This comprehensive update provides insight into the operational and financial developments of ADM Energy PLC's investment in JKT Reclamation, LLC, offering a clear overview of the company's progress and future plans.