REG - Molecular Energies - Q3 Argentina Financial Results

Molecular EnergiesAnnouncement

14/11/2022 07:00

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RNS Number : 2211G  Molecular Energies PLC  14 November 2022

14 November 2022

 

Molecular Energies PLC

(the "Company")

 

Q3 Argentina Financial Results

 

US$16.9 million Profit before tax* for the first 9 months

Louisiana production back online

 

Molecular Energies PLC (AIM: MEN), the international energy company announces
key highlights from the independently reviewed results from the first nine
months of the year to 30 September 2022 ("Q3) in Argentina in accordance with
Argentine reporting rules and an update on its Louisiana assets.

 

Q3 Argentina Financial Results

Pursuant to the Mini-Bond issued last year and announced in November 2021 and
extended earlier this year, the Company's Argentina subsidiary, President
Petroleum S.A ("PPSA"), as stated in the Company's announcement on 13 May
2022, is obliged to file auditor reviewed results in Argentina for each
calendar quarter. Reference is made to that prior announcement and also the
announcement made on 12 August 2022 relating to H1 2022 Argentine results.

 

The results of PPSA for Q3 2022 have been reviewed by Crowe, the Company's
Group auditors and are today filed with the relevant Argentine authorities.
The results have been determined under Argentine GAAP rules. Such filing does
not relate to the Group as a whole, only PPSA. The difference in accounting
standards will produce anomalies in the various versions of the accounts.

 

The Q3 2022 Argentina Financial Report, converted from Argentine Pesos into
United States Dollars combined with the results from H1 2022 show for the
first nine months of 2022 inter alia:

 

·       Turnover in excess of US$26 million

·       Profit before tax* for the first nine months of 2022 of US$16.9
million

 

In relation to Q3 2022:

 

·       During the period the average oil reference price in Rio Negro
for domestic sales was US$60.94 per barrel compared to the average price for
H1 2022 of $58.89

·       Currently the reference price for domestic sales in Argentina
is US$65 per barrel

·       During Q3 PPSA exported part of its production

 

Louisiana

Louisiana wells are now fully back on line and producing with the new gas lift
system which is being tuned to define optimum stabilized production
capability.

 

Peter Levine, Chair, commented: "It is good to have Rio Negro and Louisiana
both back after their respective disruptions.

 

"Planning for our Paraguay exploration well is progressing with positive news
as to the rig expected before the end of this month at which time we will be
able to project a spud date.

 

"Green House Capital is also making progress in discussions on new business
opportunities in alternative energy industries."

 

Glossary

Profit before tax* means, in the context of this report alone, profit after
interest, income and foreign exchange operations but before tax, depreciation
and amortization

 

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

 

 President Energy PLC                        +44 (0) 207 016 7950

 Nikita Levine, Investor Relations            info@molecularenergiesplc.com
 finnCap (Nominated Advisor and broker)      +44 (0) 207 220 0500

 Christopher Raggett, George Dollemore

 Tavistock (Financial PR and 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 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, including the
international commodity trader and logistics company Trafigura, 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.

 

-ends-

 

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