REG - Molecular Energies - Result of the Argentina Presidential Election

Molecular EnergiesAnnouncement

21/11/2023 07:00

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RNS Number : 0578U  Molecular Energies PLC  21 November 2023

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.

 

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 Capital Markets Limited (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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