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ADM Energy reports progress at JKT Reclamation
(Sharecast News) - ADM Energy updated the market on operations at JKT Reclamation on Friday - an oil reclamation business in which ADM holds a 30.6% economic interest. The AIM-traded company said JKT had started a comprehensive work programme at its facility in Wilson, Oklahoma, which would include reconfiguring existing storage capacity and installing a 550-barrel capacity mixing tank, as well as additional separation and heating equipment.
It said the upgrades aimed to increase the facility's processing capacity and efficiency.
As part of the programme, production was temporarily halted on 8 June to allow for the repositioning of equipment and cleaning of the facilities.
Production was expected to resume during the week of 15 July.
During the first five months of operations, the facility produced a varying volume of oil, with February seeing 944 barrels, March at 1,475 barrels, April at 1,031 barrels, May at 1,212 barrels, and June producing 367 barrels.
The June figure was based on one week of production, indicating an estimated normalised monthly production of approximately 1,470 barrels.
No distributions were made for June due to the reinvestment in the ongoing work programme.
Additionally, no distributions were expected for July, given the minimal sales resulting from the production suspension.
ADM said it had received cumulative cash distributions of $35,000 from JKT to date and anticipated distributions to resume following the completion of the work programme and the re-initiation of production.
Looking ahead, JKT said it was evaluating properties for a second reclamation facility in Texas, with further details to be announced in due course.
"We look forward to completion of the work program and achieving our targeted levels of 3,500 to 4,000 barrels per month of production and significantly higher cash flow and distributions that the upgrade of the facilities is expected to deliver," said chief executive officer Stefan Olivier.
Reporting by Josh White for Sharecast.com.
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