REG - Molecular Energies - Paraguay Drilling Update

Molecular EnergiesAnnouncement

31/08/2023 07:00

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RNS Number : 8534K  Molecular Energies PLC  31 August 2023

31 August 2023

 

MOLECULAR ENERGIES PLC

("MEN" or the "Company")

 

Paraguay Drilling Update

 

Molecular Energies (AIM: MEN), the international energy company, provides an
update relating to the Paraguay exploration well.

The preparation for commencement of drilling of the Paraguay exploration well
on the Tapir x1 site has continued.

The present status is as follows:

 * The mobilization to site has been completed.

 * The site camp for 60 persons including medical and catering facilities has
been assembled.

 * The rig up is approximately 50% complete with the mast scheduled to be erected
at or around the end of next week.

 * There are now 50 workers on site including Moleculars Drilling Manager,
Company Manager, HSE Supervisor and Logistics Supervisor.

 * The Blowout Preventor is undergoing final testing and certification before
being shipped to the site from Brazil. Currently expected to be delivered and
installed week commencing 11 September.

 * Long lead services, including logging while drilling, fishing and performance
drilling tools as well as casing running equipment are now on site.
Halliburton has begun moving chemicals for drilling fluids and cementing.

 * Continuous work is being conducted to monitor the approximately 150km of
unpaved dirt roads to the remote location and this will continue throughout
the drilling and demobilization period.

 

Photographs depicting progress have been uploaded to the Company's website,
and can be seen by clicking here
(https://www.molecularenergiesplc.com/oil-and-gas/paraguay/) , from which the
extent of work being carried out, the remote location and logistical
challenges being successfully navigated can be seen.

 

Commencement of drilling is now scheduled to take place at some stage in the
second half of September.

 

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
 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 Argentina as well as exploration
assets in both Argentina and 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
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 MEN currently has 20.5%.

 

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 Energy 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 Robert Shepherd,
Group Financial Director.

 

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