REG - Molecular Energies - Operational Update

Molecular EnergiesAnnouncement

20/10/2022 07:00

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RNS Number : 4816D  Molecular Energies PLC  20 October 2022

20 October 2022

 

Molecular Energies PLC

("the "Company")

 

Operational Update

 

Molecular Energies PLC (AIM: MEN), the international energy company with two
diverse divisional interests being that of hydrocarbons and an alternative
energy business, provides an operational update in respect of its Puesto
Flores Field, Argentina and East Lake Verret Field, Louisiana.

 

Rio Negro

The Puesto Flores facility has fully restarted after the temporary disruption
with all work successfully completed. It is now working up towards full
production levels which is expected by the end of this weekend.

 

For the avoidance of doubt, the disruption has not affected the previous
expectations of the Argentine business being operationally profitable in the
relevant quarter.

 

Louisiana

After a delay in barge availability, work is in progress at the wells with
full production, at this high margin, positive cash generative business, also
expected by the end of the weekend.

 

The steps being taken in Louisiana by introducing gas lift technology for the
first time in the Triche well are expected to deliver a higher, sustained
level of uninterrupted production than in the recent past.

 

Peter Levine, Chairman, commented:

 

"This has been a period where a confluence of independent and unrelated
factors outside of the control of the Company have meant that both the Puesto
Flores and Louisiana Fields have for entirely different reasons been
temporarily interrupted.

 

"The Group has however many strings to its bow, and the Company expects of our
Argentine business being operationally profitable in Q3.

 

"The temporary disruption is not in any way reflective of those affected
fields production capability, nor the present or future potential of
operational profitability of such assets and in any event all other fields of
the Company remain unaffected and continue to produce in line with internal
expectations.

 

Likewise, preparations for drilling the high impact Paraguay oil prospect
progress, as does work on developing our Green House Capital alternative
energy business. As to our investment asset base, we note the positive
progress of our former subsidiary, Atome Energy PLC, in which we retain a 28%
holding."

 

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

 

 Molecular Energies PLC                      +44 (0) 207 016 7950 info@molecularenergiesplc.com

                                           (mailto:info@presidentpc.com)
 Nikita Levine, Investor Relations

 finnCap (Nominated Advisor and broker)      +44 (0) 207 220 0500

 Christopher Raggett, Edward Whiley

 Tavistock (Financial PR)                    +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.

 

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