ADM Energy PLC has provided an update on the operations of JKT Reclamation, LLC, in which the company holds a 30.6% economic interest. The company has commenced a work program to enhance the processing capacity and efficiency of its facility in Wilson, Oklahoma. Production was temporarily suspended to facilitate the repositioning of equipment and cleaning of facilities, with plans to resume production in mid-July 2024.
The update includes a summary of the gross barrels of oil produced at the facility from February to June 2024, indicating a temporary decrease in production in June due to the suspension. No distributions were made for June 2024, and none are expected for July 2024 due to the minimal sales resulting from the production suspension. However, the company has received cumulative cash distributions from JKT and anticipates distributions to resume after the completion of the work program and production restart.
Additionally, JKT is evaluating properties for a second reclamation facility in Texas, with further details to be provided in the future. The CEO, Stefan Olivier, expressed anticipation for the completion of the work program, aiming to achieve targeted production levels and increased cash flow and distributions.
The announcement also includes regulatory information and contact details for investor enquiries. It provides an overview of ADM Energy PLC and JKT Reclamation LLC, detailing the latter's assets and competitive advantages. The email concludes with a disclaimer and contact information for ADM Energy PLC.
This update offers insight into the operational developments and future plans for ADM Energy PLC's subsidiary, JKT Reclamation, LLC, providing stakeholders with a comprehensive overview of the company's activities and strategic initiatives.