UK's Molecular Energies up on plans to divest Argentinian oil, gas business

Molecular Energies

05/09/2023 10:15

** Shares of Molecular Energies  MEN.L  rise as much as 9.3%
to 133.9p 
    ** South Americas-focused oil and gas company proposes to
sell its Argentinian business for up to $40 mln in related party
transaction 
    ** Sale to a firm, beneficially owned by director Peter
Levine, would allow MEN to be free from ~$33 mln in debt  
    ** Divestment outlines political and economic instability,
depreciation of pesos, other foreign investment restrictions -
co  
    ** Up to last close, stock had fallen ~13% so far this year 


    
   

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))