Q3 Argentina Financial Results

RNS Number : 2211G

Molecular Energies PLC

14 November 2022

 

14 November 2022

Molecular Energies PLC

(the "Company")

Q3 Argentina Financial Results

US$16.9 million Profit before tax* for the first 9 months

Louisiana production back online

Molecular Energies PLC (AIM: MEN), the international energy company announces key highlights from the independently reviewed results from the first nine months of the year to 30 September 2022 ("Q3) in Argentina in accordance with Argentine reporting rules and an update on its Louisiana assets.

Q3 Argentina Financial Results

Pursuant to the Mini-Bond issued last year and announced in November 2021 and extended earlier this year, the Company's Argentina subsidiary, President Petroleum S.A ("PPSA"), as stated in the Company's announcement on 13 May 2022, is obliged to file auditor reviewed results in Argentina for each calendar quarter. Reference is made to that prior announcement and also the announcement made on 12 August 2022 relating to H1 2022 Argentine results.

The results of PPSA for Q3 2022 have been reviewed by Crowe, the Company's Group auditors and are today filed with the relevant Argentine authorities. The results have been determined under Argentine GAAP rules. Such filing does not relate to the Group as a whole, only PPSA. The difference in accounting standards will produce anomalies in the various versions of the accounts.

The Q3 2022 Argentina Financial Report, converted from Argentine Pesos into United States Dollars combined with the results from H1 2022 show for the first nine months of 2022 inter alia:

· Turnover in excess of US$26 million

· Profit before tax* for the first nine months of 2022 of US$16.9 million

In relation to Q3 2022:

· During the period the average oil reference price in Rio Negro for domestic sales was US$60.94 per barrel compared to the average price for H1 2022 of $58.89

· Currently the reference price for domestic sales in Argentina is US$65 per barrel

· During Q3 PPSA exported part of its production

Louisiana

Louisiana wells are now fully back on line and producing with the new gas lift system which is being tuned to define optimum stabilized production capability.

Peter Levine, Chair, commented: "It is good to have Rio Negro and Louisiana both back after their respective disruptions.

"Planning for our Paraguay exploration well is progressing with positive news as to the rig expected before the end of this month at which time we will be able to project a spud date.

"Green House Capital is also making progress in discussions on new business opportunities in alternative energy industries."

Glossary

Profit before tax* means, in the context of this report alone, profit after interest, income and foreign exchange operations but before tax, depreciation and amortization

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, including the international commodity trader and logistics company Trafigura, 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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