REG - Molecular Energies - Paraguay Rig Update

Molecular EnergiesAnnouncement

03/02/2023 07:00

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RNS Number : 8063O  Molecular Energies PLC  03 February 2023

3 February 2023

 

Molecular Energies PLC

("MEN" or the "Company")

Paraguay Rig Update

 

Molecular Energies PLC (AIM: MEN), the international energy company provides
an update on the drilling rig for its Paraguay operations.

Further to the announcement of 9 January 2023 the relevant drilling rig has
been successfully procured and the drilling contract with President Energy
Paraguay S.A now signed. As flagged previously the rig will now undergo
necessary repairs and checks due to the rig having being cold stacked for a
prolonged period.

The agreements for ancillary drilling services are now being signed with the
objective of commencing drilling as soon as possible. Due to the significant
delays completely outside of MEN's control the estimated time for commencement
of drilling is in May. We restate that such delays were directly due to the
complex financial insolvency of the previous owners of the rig which
necessitated dealing with multiple parties.

The drilling time projected to reach target depth is estimated to be 40 days
from the time of commencement.

 

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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