REG - Molecular Energies - Paraguay Drilling Update

Molecular EnergiesAnnouncement

11/05/2023 07:00

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RNS Number : 0187Z  Molecular Energies PLC  11 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

 

11 May 2023

MOLECULAR ENERGIES PLC

("Molecular" or the "Company")

Paraguay Drilling Update

 

Molecular Energies PLC (AIM: MEN), the international energy Company with both
hydrocarbon and alternative energy divisions provides an update on its
Paraguay exploration activities.

 

Paraguay drilling

 

The preparations for the drilling of the exploration well in the Pirity
Concession, Chaco, Paraguay continue.

 

As part of the due diligence testing of the drilling rig, Molecular has
insisted that the drilling contractor make certain modifications and repairs
to the blow-out preventor.

 

These are being carried out at the contractor's own cost. Due to the complex
nature of the blow-out preventor and the requirements for it to be fit for the
purpose in this particular exploratory well, it is now anticipated that
spudding of the well will take place at or around the end of the first week in
July.

 

As previously announced, it is anticipated that the well will take 40 days
from the date of spud to reach its target depth. The well will target the
Delray complex of prospects, estimated by the Company to contain in aggregate
over 260 mmbbls of P50 unrisked resources.

 

Group Trading Update

 

A Group trading update will be issued at the time of the announcement of the
audited accounts for the year end 31 December 2022. This is expected within
the next month.

 

Peter Levine, Chairman, commented:

 

"Whilst the delay is regrettable, it is essential that all reasonable safety
issues are covered off. Each well has different characteristics and experience
has shown that this is a crucial piece of equipment that has to be right.

 

"There is no material increased cost on our or our partner's part due to this
issue. All other aspects of the preparation are on track and being lined up
for the revised spud date".

 

 

 

 Contact:

 Molecular Energies PLC

                                             +44 (0)20 7016 7950
 Nikita Levine, Investor Relations           info@molecularenergiesplc.com (mailto:info@molecularenergiesplc.com)

 finnCap (Nominated Advisor and broker)      +44 (0)20 7220 0500

 Christopher Raggett, 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 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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