REG - ADM Energy PLC - JKT Reclamation Facility Operations Update

Adm EnergyAnnouncement

14/11/2024 07:00

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RNS Number : 1710M  ADM Energy PLC  14 November 2024

 

 

14 November 2024

 

 

ADM Energy PLC

 

("ADM" or the "Company")

 

JKT Reclamation Facility Operations Update

 

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resource investing
company, is pleased to provide the following update with respect to operations
of JKT Reclamation, LLC ("JKT"), the revenue and cash flow generating oil
reclamation business in which the Company owns a 30.6% economic interest.

 

As of 19 September 2024 operations recommended at JKT's Wilson, Oklahoma site
following completion of certain facility maintenance and upgrade projects,
with the first post-restart load of 174.1 gross barrels sold on 23 September
2024. From re-start of operations through 31 October 2024 approximately 1,042
gross barrels of oil have been sold by JKT.

 

The Company announced on the 5 July 2024 that production at JKT's Wilson,
Oklahoma site was halted in order for the installation of its 550-barrel
capacity mixing tank and additional separation and heating equipment to take
place. Whilst production was paused, JKT took the opportunity to reevaluate
the efficacy of the production line, address legacy issues, and make further
amendments to the site. This included: the installation of the mixing tank and
pumps; the clean-out of storage/sales tanks to avoid contaminating sale-able
product; the addition of vertical and horizontal separation equipment; the
addition of a vertical heater-treater; the installation of metering and
chemical injection equipment; and the reconfiguration of oil tanks to help
improve the efficiency of process.

 

                                   Feb 2024  Mar 2024  Apr 2024  May 2024  June 2024  July 2024  Aug 2024  Sep 2024  Oct

                                                                                                                     2024
 Gross Oil Volume Produced (bbls)  944       1,475     1,031     1,212     367*       -*         -*        174*      868

Table 1 - Summary of JKT produced oil volumes

* indicates months where production at the site had been partially or fully
halted for the completion of works to take place

 

The total costs of the works carried out was approximately US$100,000 and was
paid for from cash available to JKT from previous operations and a US$50,000
loan to JKT from a private third-party investor. US$30,600  of the total was
attributable to ADM USA.

 

Commenting on the developments related to JKT, Stefan Olivier, CEO, stated:
"We are very pleased with the re-start of operations at the Wilson facility
and the expectation of increasing sales volumes and renewed distributions to
ADM in coming months."

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

Enquiries:

 

 ADM Energy plc                                       +44 7495 779520
 Stefan Olivier, Chief Executive Officer
 www.admenergyplc.com (http://www.admenergyplc.com/)

 Cairn Financial Advisers LLP                         +44 20 7213 0880
 (Nominated Adviser)
 Jo Turner, James Caithie, Ed Downes

 ODDO BHF Corporates & Markets AG                      +49 69 920540
 (Designated Sponsor)
 Michael B. Thiriot

 Gracechurch Group                                    +44 20 4582 3500
 (Financial PR)
 Harry Chathli, Alexis Gore, Henry Gamble

 

About ADM Energy PLC

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing
company with investments including a 100% interest in Vega Oil and Gas; a
30.6% economic interest in JKT Reclamation, LLC; a 46.8% economic interest in
OFX Technologies, LLC (www.ofxtechnologies.com
(http://www.ofxtechnologies.com) ); and a 9.2% profit interest in the Aje
Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje
has multiple oil, gas, and gas condensate reservoirs in the Turonian,
Cenomanian and Albian sandstones with five wells drilled to date.

 

About JKT Reclamation LLC

JKT Reclamation is the owner of a 20-acre facility in Wilson, Oklahoma with
fixed assets including a workshop and office structure, ten 410-barrel storage
tanks and other related separation and material handling equipment. In
addition to the property, plant and equipment, other assets include two
proprietary chemical formulae with additional potential commercial
applications.

 

Forward Looking Statements

Certain statements in this announcement are, or may be deemed to be,
forward-looking statements. Forward looking statements are identified by their
use of terms and phrases such as "believe", "could", "should", "envisage'',
"estimate", "intend", "may", "plan", "potentially", "expect", "will" or the
negative of those, variations or comparable expressions, including references
to assumptions. These forward-looking statements are not based on historical
facts but rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations, performance,
future capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, business prospects and
opportunities. Such forward-looking statements reflect the Directors' current
beliefs and assumptions and are based on information currently available to
the Directors.

 

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