REG - Molecular Energies - Paraguay Update

Molecular EnergiesAnnouncement

26/07/2023 07:00

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RNS Number : 1786H  Molecular Energies PLC  26 July 2023

26 July 2023

 

MOLECULAR ENERGIES PLC

("Molecular", "the Company", or "the Group")

 

Paraguay exploration well

Rig mobilisation commenced

Licence extended

 

Molecular Energies PLC (AIM: MEN), the international energy company, issues an
update on its Paraguay exploration.

 

Tapir well, Pirity Concession, Chaco, Paraguay

 

Mobilisation of the rig to site has commenced, together with the full 60 bed
rig camp. The process involves some 200 truckloads as well as four cranes and
is expected to take approximately 21 days, subject to weather as part of the
journey includes non-paved roads.

 

The rig will be fully erected at the Tapir site and tested in situ. Then,
subject to satisfaction and acceptance, the short lead time services will be
mobilised. In the meantime, the long lead time services are also in the
process of mobilisation.

 

Subject to the above, spudding is targeted to occur at or around the end of
August or beginning of September.

 

Exploration Licence

 

The exploration licence for the Pirity Concession has now been extended by one
year to September 2024, providing ample time for drilling of the exploration
well and review of the results.

 

 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

 

About Molecular

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 Molecular 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 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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