Molecular Energies PLC Paraguay Drilling Update (0187Z)

TIDMMEN

RNS Number : 0187Z

Molecular Energies PLC

11 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

11 May 2023

MOLECULAR ENERGIES PLC

("Molecular" or the "Company")

Paraguay Drilling Update

Molecular Energies PLC (AIM: MEN), the international energy Company with both hydrocarbon and alternative energy divisions provides an update on its Paraguay exploration activities.

Paraguay drilling

The preparations for the drilling of the exploration well in the Pirity Concession, Chaco, Paraguay continue.

As part of the due diligence testing of the drilling rig, Molecular has insisted that the drilling contractor make certain modifications and repairs to the blow-out preventor.

These are being carried out at the contractor's own cost. Due to the complex nature of the blow-out preventor and the requirements for it to be fit for the purpose in this particular exploratory well, it is now anticipated that spudding of the well will take place at or around the end of the first week in July.

As previously announced, it is anticipated that the well will take 40 days from the date of spud to reach its target depth. The well will target the Delray complex of prospects, estimated by the Company to contain in aggregate over 260 mmbbls of P50 unrisked resources.

Group Trading Update

A Group trading update will be issued at the time of the announcement of the audited accounts for the year end 31 December 2022. This is expected within the next month.

Peter Levine, Chairman, commented:

"Whilst the delay is regrettable, it is essential that all reasonable safety issues are covered off. Each well has different characteristics and experience has shown that this is a crucial piece of equipment that has to be right.

"There is no material increased cost on our or our partner's part due to this issue. All other aspects of the preparation are on track and being lined up for the revised spud date".

 
 
Contact: 
 Molecular Energies PLC                              [phone] 
Nikita Levine, Investor Relations                  [e-mail] 
 
  finnCap (Nominated Advisor and 
  broker) 
  Christopher Raggett, George Dollemore              [phone] 
 
  Tavistock (Financial PR & IR) 
  Simon Hudson, Nick Elwes, Charles 
  Baister                                            [phone] 
 

Notes to Editors

Molecular Energies PLC is an AIM listed company at the forefront of energy development and has interests across the energy spectrum, from oil and gas projects to subdivisions in the green and alternative energy sub-sectors.

The Company has oil and gas production in two geographical markets: Argentina and the United States, as well as exploration assets in both Argentina and Paraguay. The Company also has two separate subdivisions which are focused on early-stage opportunities in the green and/or alternative energy sub- sector.

Activities in the green and alternative energy space are being carried out under the Green House Capital brand and through AIM listed ATOME Energy PLC operating in Paraguay and Iceland, producing green hydrogen and ammonia for use in fuels.

With a strong strategic and institutional base of support, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, Molecular gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.

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 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Peter Levine, Chairman.

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May 11, 2023 02:00 ET (06:00 GMT)