REG - Molecular Energies - Paraguay Drilling Update

Molecular EnergiesAnnouncement

14/12/2023 07:00

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RNS Number : 6959W  Molecular Energies PLC  14 December 2023

14 December 2023

 

MOLECULAR ENERGIES PLC

("MEN" or the "Company")

 

Paraguay Drilling Update

 

Molecular Energies (AIM: MEN), the international energy company, provides an
update relating to the progress on the preparation for drilling of its high
impact Paraguay exploration well.

 

The repaired blow out preventor ("BOP") has, after a lengthy procedure,
successfully passed through both Brazilian and Paraguayan customs and is now
at the drilling site in the Paraguayan Chaco being assembled and thereafter
mounted, hydraulic lines run, and function tested. Subject to satisfactory
testing and navigating the void period over Christmas it is projected that
continuous drilling will start shortly after the forthcoming holiday period.
Service companies have been put on notice and will accordingly be mobilising
to site.

 

A further announcement will be made on spudding.

 

For more information, please visit www.molecularenergiesplc.com
(http://www.molecularenergiesplc.com) or contact:

 

 Molecular Energies PLC                      +44 (0)20 7016 7950

 Peter Levine, Chairman                      info@molecularenergiesplc.com (mailto:info@molecularenergiesplc.com)

 Rob Shepherd, Group FD

 Cavendish (Nominated Advisor and Broker)    +44 (0)20 7220 0500

 Simon Hicks, George Dollemore

 Tavistock (Financial PR & IR)               +44 (0)20 7920 3150

 Simon Hudson, Nick Elwes, Charles Baister

 

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 an oil and gas
project to the green and alternative energy sector.

 

The Company currently has an oil exploration asset in Paraguay. The Company
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
direct through Molecular and under the Green House Capital brand and through
AIM listed Atome Energy PLC, a green hydrogen, ammonia, and fertiliser company
operating in Paraguay, Costa Rica and Iceland, in which Molecular currently
has 20.5%.

 

With a strong strategic and institutional base of support, no third-party
financial debt and a 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.

 

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