REG - Molecular Energies - Paraguay Drilling Update

Molecular EnergiesAnnouncement

07/12/2022 07:00

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RNS Number : 8194I  Molecular Energies PLC  07 December 2022

7 December 2022

 

Molecular Energies PLC

("MEN" or the "Company")

 

Paraguay Drilling Update

 

Molecular Energies PLC (AIM: MEN), the international energy company, provides
an update on the progress of the plans for the drilling of its Paraguay
exploration well.

 

Paraguay Exploration

As announced previously, the spud date for the drilling of the high impact
Paraguay exploration well is dependent upon the procuring by the designated
drilling contractor ("DDC") of the drilling rig currently in Paraguay.

 

The delay in procurement by the DDC is due to the numerous consents and
approvals needed by the current owner of the rig whose parent is emerging from
bankruptcy. The Company understands that positive progress may now be made
which subject to receipt of final permissions and approvals, will allow the
rig to be procured by the DDC and contracted by the Company for the drilling
during this month. Whilst the DDC and the Company have inspected the rig to
the extent they can, repairs and checks on the rig are required to be made by
the DDC due to it being stacked for a prolonged period of time which will
involve the blow out preventer being serviced.

 

In relation to oil field services such as mud, solids control, cement etc.
these have all been lined up and all casing is in the field and available. The
button can be pressed to fix mobilisation dates when visibility on the rig
becomes crystal clear. In this regard, all services are coming from Brazil,
Argentina and Bolivia and have to travel over 1,000km each way to the remote
drilling location so there will be a time lag between commencement of moving
and readiness to drill.

 

Taking all this into account, subject as above, and managing expectations, it
is prudent to now estimate the start of drilling in the latter part of Q1 2023
with mobilisation commencing in the first part of that quarter.

 

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, 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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