Paraguay Update

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 Peter Levine, Chairman Rob Shepherd, Group FD	[phone] [e-mail]
finnCap (Nominated Advisor and Broker) Christopher Raggett, George Dollemore	[phone]
Tavistock (Financial PR & IR) Simon Hudson, Nick Elwes, Charles Baister	[phone]

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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