REG - Molecular Energies - Argentina Operational Update

Molecular EnergiesAnnouncement

26/01/2023 07:00

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RNS Number : 8955N  Molecular Energies PLC  26 January 2023

26 January 2023

 

MOLECULAR ENERGIES PLC

("Molecular" or the "Company")

 

Argentina Operational and Financial Update

 

Molecular Energies PLC (AIM: MEN), the international energy company, provides
an update on Argentina field operations in its hydrocarbons division and
certain financial matters.

 

Highlights

·    In Rio Negro, Argentina, nine production well workovers and one
injector well workover to start in February

·    In the Puesto Gurdian Concession, Salta, one workover and three
swabbing operations on currently shut-in wells scheduled to commence next week

·    Advanced discussions taking place to purchase a truck mounted mobile
swabbing unit for its Salta assets in Q2 to swab a number of otherwise
inaccessible shut-in wells

 

Rio Negro

Nine workovers/pullings of producing wells and one of a water disposal
injector are expected to commence in February with a workover rig.

 

Salta, Puesto Guardian Concession

One workover and three swabbing operations are commencing this week with a
light workover rig.

 

In the five fields in the Concession there are numerous old wells where oil
has ceased to naturally flow to surface in commercial amounts but flows to
surface irregularly in very small amounts.

 

The swabbing programme is aimed at identifying in which wells (if any) oil can
be produced by artificial lift such as beam pumps. With this is mind, taking
into account some of the old wells which are now inaccessible for a rig in the
present state of vegetation, the Company is in advanced discussions to
purchase a truck mounted mobile swabbing unit to be based in the Concession
and upon this purchase being completed, a further extended programme of wells
to be swabbed will be implemented, targeted for Q2 2023.

 

Prices and Financial

Whilst world oil prices have been volatile, realisation prices for oil in
Argentina remain stable with subsidiary President Argentina being able to
export certain of its oil from time to time.

 

At the end of this year Argentina will be holding Presidential elections. In
the meantime, President Argentina, using its financial capacity, is renewing
its search to acquire income generative energy sources in the country.

 

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

 

 Molecular Energies 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, 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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