Paraguay Rig Update

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  [phone]

Nikita Levine, Investor Relations  [e-mail]

finnCap (Nominated Advisor and broker)  [phone]

Christopher Raggett, George Dollemore

Tavistock (Financial PR & IR)   [phone]

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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