Paraguay Drilling Update

RNS Number : 8194I

Molecular Energies PLC

07 December 2022

 

7 December 2022

Molecular Energies PLC

("MEN" or the "Company")

Paraguay Drilling Update

Molecular Energies PLC (AIM: MEN), the international energy company, provides an update on the progress of the plans for the drilling of its Paraguay exploration well.

Paraguay Exploration

As announced previously, the spud date for the drilling of the high impact Paraguay exploration well is dependent upon the procuring by the designated drilling contractor ("DDC") of the drilling rig currently in Paraguay.

The delay in procurement by the DDC is due to the numerous consents and approvals needed by the current owner of the rig whose parent is emerging from bankruptcy. The Company understands that positive progress may now be made which subject to receipt of final permissions and approvals, will allow the rig to be procured by the DDC and contracted by the Company for the drilling during this month. Whilst the DDC and the Company have inspected the rig to the extent they can, repairs and checks on the rig are required to be made by the DDC due to it being stacked for a prolonged period of time which will involve the blow out preventer being serviced.

In relation to oil field services such as mud, solids control, cement etc. these have all been lined up and all casing is in the field and available. The button can be pressed to fix mobilisation dates when visibility on the rig becomes crystal clear. In this regard, all services are coming from Brazil, Argentina and Bolivia and have to travel over 1,000km each way to the remote drilling location so there will be a time lag between commencement of moving and readiness to drill.

Taking all this into account, subject as above, and managing expectations, it is prudent to now estimate the start of drilling in the latter part of Q1 2023 with mobilisation commencing in the first part of that quarter.

For further information please visit www.molecularenergiesplc.com or contact:

President Energy PLC Nikita Levine, Investor Relations	[phone] [e-mail]
finnCap (Nominated Advisor and broker) Christopher Raggett, George Dollemore	[phone]
Tavistock (Financial PR and IR) Simon Hudson, Nick Elwes, Charles Baister	[phone]

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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