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MEN Molecular Energies Plc

7.00
0.00 (0.00%)
25 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Molecular Energies Plc MEN London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 7.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
7.00 7.00
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Industry Sector
OIL & GAS PRODUCERS

Molecular Energies MEN Dividends History

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Posted at 10/4/2024 15:50 by piperpeter
No ramp or deramp intended...

Is the following too simplistic?....

As has been pointed out by chris cat, and others, the current situation appears to be that MEN owes to IYA (Peter Levine) approximately US$12 million, and the owner of the former Argentine oil producing asset (also now Peter Levine) owes to MEN approximately US$12 million. They are equal sums (approx.).

Why could these debts not just be cancelled, as pointed out by chris cat and others, so that neither side owes the other side anything?

This would then leave the former Argentine oil producing asset in a position to continue paying monies to MEN (under the up to 20% free cash flow "agreement") over the following several years. We know this is possible because monies have already started flowing to MEN in relation to the repayment of the intercompany loan.

That surely then would leave MEN with a regular income, its 18.4% holding in Atome Plc (free of being used as security because it would then not be applicable), its 75% holding in Green House Capital Group Plc, any possible value left in the Pirity Concession, and 100% of Molecular Aviation.

And MEN would be completely rid of any debt whatsoever. Cash positive.

Too simplistic?

Again...no ramp or deramp intended.

Pp.
Posted at 10/4/2024 13:48 by brasso3
Was it changed in 2022 (2022 FY report)?

Subsequent Events
In April, shareholders approved certain amendments to the IYA loan facility providing net cost savings to the Company of US$5 million by reducing the interest costs to zero over the revised maturity period, enabling further funds to be available for working capital purposes and expansion of the Company and its hydrocarbon and alternative energy divisions.

IYA Loan
On 2 January 2018, the Company entered into a loan agreement with IYA Global Limited ("IYA"), a company beneficially owned by Peter Levine, pursuant to which IYA provided a loan facility up to $20.5 million to the Company. The loan was due for repayment by 31 December 2024. Subsequent to the year end, a General Meeting on 6th April 2023 approved material amendments to the terms of the loan and extended the repayment date to 31 December 2025. Further details on the terms of the IYA loan are detailed in the Related Party Note 32.

Subsequent to the year end, a General Meeting on 6th April 2023 approved material amendments to the terms of the loan and extended the repayment date to 31 December 2025.
(i) The IYA Loan (including interest) is fixed as at this date with no further monies available to be drawn and no
further commitment fee on undrawn balances thereafter applicable
(ii) The interest rate on the Fixed Loan be reduced to zero percent (0 per cent.) per year from this date
(iii) IYA is granted a first legal charge against all the shares owned by the Company from time to time in Atome to secure the Fixed Loan
(iv) an extension fee of US$1.5 million be paid to IYA spread over the length of time of the Fixed Loan to maturity to be paid by equal monthly instalments unless otherwise agreed. As such the Fee is unsecured as it is not part of the IYA Loan
(v) IYA will be granted the rights at any time up to 31 December 2025 to call upon MEN to transfer to it or as it may direct 2,038,038 ordinary shares in Atome equivalent to the value of GBP2.16 million at value of 106.2 pence per Atome share in satisfaction and by way of extinguishment of US$2.6 million of the Fixed Loan still then outstanding, calculated using an exchange rate of US$1.20 to the pound
Posted at 09/3/2024 22:46 by piperpeter
PUGUGLY.

You need to check out the RNS 5 Sept. 2023 to be up-to-date, "Proposed Sale of President Energy Holdings UK Ltd".

"The sale will enable MEN to be free of approximately US$33 million of third party debt which sits in the Argentine Company. This will leave the only remaining financial debt in MEN as a long-term and interest free loan currently standing at US$12.1 million, with a maturity date end of December 2025 and capable of extension if the parties agree".

At the time of this RNS (5 Sept. '23), basically the Company (MEN) owed to Peter Levine US$12.1 million (interest free!), and the Argentine Company (owned by President Energy Holdings UK Ltd, and basically now owned by Peter Levine) owed to MEN US$13 million plus interest.

The balance being that MEN were actually owed more than it owed (approx. US$1 million).

This money (US$13 million plus interest) is now being repaid back to MEN, as you will see from the very recent RNS's (US$1.28 million having been received by MEN over the last few months).

As chris cat has pointed out on the trader's thread, what is owed and what is owing pretty much cancel each other out, meaning that MEN is, on balance, currently net debt free.

Hope this helps.

Pp.
Posted at 01/3/2024 07:01 by all in eol
1 March 2024


MOLECULAR ENERGIES PLC
("Molecular" or the "Company")

Update on Corporate and Trading Matters

Molecular Energies (AIM: MEN), the international energy company, provides an update on corporate and trading matters.

Key Points:

· Tapir x-1 exploration well, Paraguay, suspended. Participants reviewing next steps
· Positive cash receipts from Argentina continue
· Strategic developments with regards to Green House Capital Group including receipt of UK government EIS advance assurance
· Sustainable Aviation Fuel studies progress

TAPIR X-1
The Paraguay exploration well Tapir x-1 has been suspended due to tough drilling conditions without reaching the target zone. The drilling rig has been retained on site pending further decision by the participants, taking into account the risk-reward ratio of the well. Further information will be provided at the relevant time subject to confidentiality and regulatory restrictions. Investors are reminded that this was frontier exploration with an estimated 17% chance of success.

ARGENTINA CONTINUES POSITIVE CASH CONTRIBUTION
Molecular is pleased to announce that President Petroleum S.A., the former subsidiary of Molecular, has continued to pay down the US$13 million of debt due to Molecular. Approximately US$1.28 million has now been paid down within the last four months and expectations are that funds will continue to flow.

GREEN HOUSE CAPITAL GROUP ("GHC")
Significant progress has been made in relation to GHC, which will be subject to a separate announcement early next week. GHC has been granted EIS advance assurance by HM Revenue & Customs ("HMRC") in relation to the UK government's EIS scheme. Based on the receipt of EIS advance assurance, the directors of GHC also believe that a prospective investment in GHC should constitute a 'qualifying holding' for a Venture Capital Trust ("VCT").

SUSTAINABLE AVIATION FUEL ("SAF")
As previously announced, studies commenced with Aecom, the worldwide engineering consultancy, to investigate the feasibility of Molecular moving into the business of SAF. These studies continue to progress before any final decisions are made.

The skill set of Molecular, its management and its related parties as well as its knowledge of multi-lateral funders and institutions supportive in principle of SAF projects, place Molecular in a beneficial position should the results of the feasibility studies prove positive.

SAF has a captive, permanent and increasing future offtake market as airlines around the world have committed to increase the use of this product. Production is a complex process and requires a substantial investment. Further updates will be made in due course.


ATOME PLC
Molecular notes the progress of Atome and the Board remains of the view that Molecular's investment in Atome will generate substantial shareholder value for Molecular shareholders in future.

Peter Levine, Chair, commented:

"The result of the Tapir x-1 well, whilst disappointing, is not surprising given it is the frontier exploration. Sometimes it is the better decision in tough drilling conditions to make a bold resolution to suspend rather than continuing in escalating cumulative down hole issues, especially taking into account the risk-reward ratio.

"The progress being made in Green House is promising, as is the continued cash flow coming from the previously disposed Argentine business. This bodes well for the future and complete collection of the US$13 million intercompany debt."
Posted at 22/2/2024 15:09 by chris cat
Imagine a doomsday scenario where

1. PL’s new co owes c$14m to MEN
2. MEN owes the PL company c$13m
3. PL has security over MENs shares of ATOME worth c£4m
4. PL’s firm could owe MEN c$20m depending on the performance of the Argentine wells

The recent placing for c$500k was likely just enough to cover wages and salaries until the Paraguay drill hit TD, if it fails then MEN is practically dead, with its only assets being the sale of shares in GHC and ATOME.
Is it possible that the people who took part in the $500k placing could have been told that they will get a return, some might call it a divi in specie from the sale of the incubated investment and such a divi might just cover their losses on the $500k placing.
In a scenario where MEN is effectively defunct, PL could set off the two loans noted in 1 and 2 above, manage the well production in Argentina to minimise the amount due to MEN for the earn out agreement.
Shareholders are then left with a company which is worth nothing to its members apart from their potential divi in specie from the GHC IPO.
PL takes MEN’s ATOME shares worth £4m, gets his divi in specie for GHC and avoids a potential $20m liability from the earn out.
Clearly this is how matters could play out in a doomsday scenario.

In a blue sky alternative….Paraguay could hit a gusher, ATOME finalise the c$130m funding package mooted, GHC IPO’s at a significant premium and the share price rises overnight to the level quoted by Edison I think and backed up by PP’s calcs.

Obviously there are also options for all points in between

Shouldn’t be too long before we see which way the dice fall.

Happy to be corrected if any of the above is inaccurate
Posted at 30/1/2024 21:50 by piperpeter
As before, OfficerDigby, there is an outline of the disposal of the Argentine asset in post 2170.

Peter Levine has effectively taken control of the former asset, and along with it has taken US$33.8 million of debt off MEN's hands. This element is obviously very important!

Now, the former asset owes to MEN US$13 million plus interest, with MEN owing to Peter Levine approximately US$12 million, so far as I remember. This US$12 million is not repayable by MEN until the end of 2025 and has zero interest. Also, with the recent debt for equity swap, the sum owing to Peter Levine (the US$12 million) may now be lower than US$12 million. So effectively, he owes MEN much more than MEN owes to him, I believe.

MEN has no third party debt. MEN has no third party debt.

With regard to payments to be received from the former asset, it takes the following form;

1. US$2 million will be paid to MEN in September.

2. US$13 million, plus interest, will be paid to MEN, no doubt in tranches (US$500k of this has already been received by MEN).

3. And up to another US$25 million will be paid to MEN over five years, if cash flow permits. MEN is entitled to effectively 20% of free cash flow over five years, under certain prerequisites.

All of the above is up to a maximum of US$40 million (2m + 13m + 25m)

If the US$33.8 million of former debt (US$33.8m) is added into the mix, MEN effectively benefits by up to US$73.8 million.

Hope this helps.

Pp.
Posted at 11/1/2024 07:01 by all in eol
11 January 2024

MOLECULAR ENERGIES PLC

("Molecular" or the "Company")

Paraguay exploration well spudded

First monies from President Argentina received

AIM IPO process for Green House Capital ongoing

Molecular Energies (AIM: MEN), the international energy company, is pleased to provide a corporate and business update.

Highlights:


-- Tapir x-1, the Paraguay exploration well, has been successfully spudded;
-- First monies received to the UK from former Argentine business; and
-- Green House Capital IPO approved by directors and continuing to progress towards Admission to trading on AIM.

Tapir x-1, Paraguay

Molecular is pleased to confirm that the Tapir x-1 exploration well at the Pirity Concession in the Chaco, Paraguay has been spudded. Molecular has a 50% interest in the Concession with OPIC, ultimately beneficially owned by CPC, the state energy company of Taiwan, being the other 50% holder. Molecular is the operator.

Target depth is approximately 3,800 metres with an estimated drilling time of 45 days. The prospect and the adjacent complex of prospects being drilled are covered by good quality 3D seismic data from a survey conducted for Molecular in 2013/14.

The data suggests a clear structural feature being a four-way dip closure with seal and target formations of volcaniclastic sedimentary rocks and lecho sands. The prospect is located approximately 40km in an easterly direction from the formerly prolific Palmar Largo oil field in Formosa Province, Argentina where a major producing formation is from volcanic rocks. If successful, the well would unlock a complex of adjacent prospects estimated by the Company to hold over 260 million barrels of oil of Pmean unrisked resources.

Molecular estimates the main geological risk is that of migration from the source rock which, in the absence of other data, the Company believes is from the same or similar source to that which filled the reservoir in Palmar Largo. Whilst migration paths are capable of being postulated on available data, the overall distance and other migration features mean that, despite the suggested availability of good quality reservoir rocks, the chances of success are assessed at 17%. A success would then prove up the main risk of migration thereby unlocking the complex of prospects as above.

Even with a conservative recovery factor of 5% and an oil price of US$70 per barrel with incentivised fiscal tax rates of 10-14% royalty and a tax on profit limited to 10% the prize therefore makes the well compelling to drill. Oil is the more likely hydrocarbon if a commercial discovery is made. Paraguay currently imports all its oil over 1000km upriver from the South Atlantic.

The Company expects that its next announcement in relation to this well will be the achievement of target depth in approximately 45 days.

Argentina monies

The Company's sale of its Argentine business in September 2023 provided for inter alia repayment to Molecular over time and subject to certain conditions of the inter-company loan of approximately US$13 million.

Molecular is any event pleased to announce that a first installment of monies comprising approximately US$500,000 has been received by Molecular in the UK within the last month after the change of President and Government in Argentina.

Green House Capital IPO

Work on the AIM IPO of the Company's 75% owned alternative energy development division, Green House Capital Group plc ("Green House") is progressing and the IPO is expected to take place in Q1 2024.

The IPO will be subject to a separate substantive announcement anticipated to be made later this month. Excellent progress is continuing to be made by Green House's subsidiaries with particular progress being made by Duel Fuel Limited, whose innovative and proprietary hydrogen injection technology was the subject of a separate announcement made on 18 December 2023.

Other projects

Molecular has live potential leads regarding aviation and other energy related projects. In Q1 2024 the Company intends to prioritise its attention on the drilling of Tapir x-1 and the AIM IPO of Green House Capital, and thereafter will focus on these additional business opportunities.
Posted at 18/12/2023 07:01 by all in eol
18 December 2023

MOLECULAR ENERGIES PLC

("MEN" or the "Company")

Significant progress within Green House Capital Group plc

Technological breakthrough on Dual Fuel Hydrogen Mobility

Green House set for IPO

Molecular Energies (AIM: MEN), is pleased to announce the achievement of a significant technological and commercial breakthrough at Dual Fuel Limited ("DFL"), a wholly owned subsidiary of the Company's 75% owned alternative energy development division, Green House Capital Group plc ("Green House").

Highlights

-- Initial trials on DFL's innovative and proprietary hydrogen injection technology indicate that a minimum of approximately 20% of hydrogen can safely be introduced into a heavy-duty diesel vehicle engine resulting in a proportionate reduction in the amount of emissions and a significant extension to driving range.

-- The 20% displacement represents the baseline for DFL's technology and establishes its credentials as a compelling commercial solution for heavy-duty diesel fleet operators worldwide with first customers in launch country Paraguay already identified.


-- DFL will now move to live testing on a rolling-road expected to take place in Q1 2024.
-- The DFL solution avoids need for expensive hydrogen only fuelled-vehicles and hydrogen refuelling networks, major inhibitors to rolling out hydrogen mobility.

Dual Fuel Technological Breakthrough

In February 2023, DFL contracted Helical Technology, an engine and vehicle testing specialist, to conduct trials on a heavy-duty vehicle engine using DFL's innovative and proprietary dual-fuel technology, developed in collaboration with DFL's contractor G-Volution Limited. The purpose of these trials was to identify the optimal conditions for introducing hydrogen into a diesel-powered engine.

The testing protocol entails a thorough evaluation of the engine and test cells followed by running of the engine using diesel alone and then progressively introducing hydrogen until the fuel entering the engine becomes disproportionate to its power output.

The results of these initial trials confirm that approximately 20% of hydrogen can be safely introduced into a heavy-duty diesel vehicle engine resulting in a proportionate reduction in the amount of emissions. The results also indicate that DFL's solution will significantly extend the range of heavy-goods vehicles.

DFL will now undertake a further test of its technological solution in a live rolling-road environment in Q1 2024 which is intended to complete the calibration of the software behind the system.

Upon successful completion of the rolling-road tests DFL expects to deliver its first retrofit solutions to customers in its lead country Paraguay in Q3 2024 with first customers already identified and the Government having a supportive and defined hydrogen mobility plan. DFL's offering will be supported by the supply of 100% green hydrogen generated by G-Mobility its sister company within Green House.

Paraguay is an economically and politically stable landlocked country with no active railway network which relies on a fleet of approximately 75,000 long range heavy diesel trucks and 3,000 barges for its infrastructure logistics. MEN, through the network created by its current and historic operations in Paraguay as well as its sister company Atome Energy, is particularly well positioned to penetrate this market.

DFL's cost-effective retrofit technology is positioned to provide fleet operators with an affordable and transitional decarbonisation solution which will expand the range of their vehicles without the need for an extensive hydrogen refueling network the latter being a material and expensive negative factor in other hydrogen mobility solutions.

The results of this initial trial demonstrate that the DFL technology is capable of substantial displacement of diesel within a heavy goods engine which will ultimately lead to a compelling commercial opportunity for its customers with the offering intended to roll out worldwide after using Paraguay as a lead country.

Green House IPO

The Green House AIM IPO is expected in Q1 2024.

Green House has made strong progress in preparations for its AIM IPO with all primary workstreams set to complete in the near term. Green House is encouraged by feedback received from investors seen to date which confirms the view that Green House can build on its significant progress with market support as an independent entity.

Christopher Raggett, CEO of Green House , commented:

"Operations within Green House continue to progress at pace and the latest technological breakthrough of Dual Fuel is particularly encouraging as we seek to bring this solution to a fertile target market very quickly.

Dual Fuel has a significant advantage over other hydrogen mobility solutions in that it can use existing vehicles at a modest retrofit cost, avoid having an expensive hydrogen refueling network whilst at the same time importantly reduce carbon emissions as a transition to Net Zero.

With this progress we look forward to the successful spin out and admission to AIM of Green House in 2024 ."
Posted at 21/11/2023 07:01 by all in eol
21 November 2023

MOLECULAR ENERGIES PLC

("MEN" or the "Company")

Pro-business result of the Argentina Presidential Election

Molecular Energies (AIM: MEN), the international energy company, notes the results of the election of the new Argentine President, who will take office on 10 December 2023.

The incoming President, Javier Milei, is a free-market economist and has stated that he intends to remove many of the current Argentine government restrictions on businesses. This includes those relating to foreign exchange and payments abroad which have plagued businesses under the current administration, including President Petroleum S.A. ("PPSA"), MEN's former subsidiary.

There may be complexities in implementation of such a strategy, but President Elect Milei has re-confirmed this objective with effect forthwith upon gaining office.

Should they occur, the removal of these restrictions will allow PPSA to commence repaying, starting in H1 2024, the intercompany debt outstanding to MEN, which is currently in excess of US$ 13 million pursuant to the terms of the agreement under which PPASA was sold in September 2023.

Furthermore, any more favorable business environment will be an advantage to President Nuevo Energia, a subsidiary of Green House Capital, a business specifically designed to operate in the green sector in Argentina.
Posted at 25/10/2023 07:01 by all in eol
25 October 2023

MOLECULAR ENERGIES PLC

("MEN" or the "Company")

Paraguay Drilling

Strategic Pivot

Sustainable Aviation Fuel

Molecular Energies PLC (AIM: MEN), the international energy company, provides an update relating to its activities.

Paraguay Drilling

Final on-site commissioning of the drilling rig is taking place. The Company understands from the drilling company that the repaired blow out preventer ("BOP") has passed its operational tests in Brazil, from where it is due to be shipped, and is currently expected to be on site at or around the end of the second week of November.

The BOP is a critical safety component of the drilling rig and MEN will not authorise any drilling activities unless it receives certification, and the rig passes its final on-site safety tests. MEN now targets spudding the Tapir x1 well in November and will provide further updates as appropriate.

The well if successful will potentially unlock a complex of prospects, estimated by the Company to contain in aggregate over 260 MMbo of Pmean Unrisked Resources. Accordingly, whilst MEN stresses the exploration risks with the estimated chance of success of 17% even using a conservative recovery factor of 5% and a conservative oil price of US$70 per barrel, the potential of the prize makes this exploration well compelling.

Strategic Pivot

It is expected that cash flow from the recent sale of the Argentine hydrocarbon assets will commence during 2024, providing an uplift to MEN's financial position. Thereafter, and irrespective of the outcome of the Paraguay exploration programme, the Company intends to focus its attention and resources increasingly on originating and developing alternative energy projects of scale with attractive long-term returns.

MEN will therefore evolve into an alternative energy investment and trading house, utilising funds to invest in businesses operating in areas where MEN and its core management have significant hands-on expertise, experience and traction. This will build on the success of the successful AIM listing of Atome Energy, a MEN incubated business and now a 20.5% investment in which MEN management has demonstrated the creation of shareholder value based on the Company's position in Paraguay.

This strategy will continue with Green House Capital Group, in which MEN has a material interest, and which is a developer, and operator of alternative energy businesses, all of which have near term income generation projects and can be independent, capable in due course of being separately funded without recourse to their parent company, whilst still benefitting from Group and sister businesses' synergies and intercompany trading.

Sustainable Aviation Fuel ("SAF")

MEN is also pursuing its interest in SAF which, if proved feasible, would be a major project and which, like Atome Energy and Green House Capital would in due course follow the pattern of being a potentially valuable investment for MEN. SAF is a must-have fuel for the future of aviation, particularly that made with green hydrogen. MEN is in a favorable geographic and cost position and has the know-how and commercial contacts to drive this project forward.

In the last few days, the ReFuelEU Aviation directive has been signed by the European Union meaning that, from 2025, SAF from green hydrogen must be used in increasing amounts by all planes leaving EU airports. As a result, MEN views this as a significant business opportunity.

Aecom, the international engineering consultancy, is already engaged in the early-stage feasibility plan, with discussions with feedstock, technology and offtake partners commencing. It is the intention of MEN that, if the project is found to be technically and economically feasible, to collaborate with an industry/strategic financial partner on a project funding basis, capitalising on MEN's strategic position and capabilities. Certain potential parties are already known to MEN through its own and sister companies' activities.

Conclusions

MEN intends to build at scale and expeditiously a global investment and energy related projects factory with far reach and an impressive body of management, contacts, experience, and wider group facilitation.

MEN expects to make further announcements in the near future.

Peter Levine, Chairman, commented: "The Company has a pipeline of potentially large scale and lucrative new energy projects that, subject to finance, can develop at pace. Our competitive advantage lies in our management, experience, contacts and geographic footprint. This secret sauce places Molecular in a unique position for a company of its market size, allowing us to punch well above our weight.

"For the immediate future, we have an exploration oil well to drill in Paraguay and Green House Capital to progress."

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