TIDMPPC
RNS Number : 9807P
President Energy PLC
25 October 2021
25 October 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Announcement made by Atome Energy PLC
President Energy (AIM: PPC), the energy company with a diverse
portfolio of energy assets provides an update in relation to its
subsidiary Atome Energy PLC
Announcement by Atome Energy PLC
President notes the public announcement made today by Atome
Energy PLC ("ATOME") its green hydrogen and ammonia production
company, the text of which is set out in full below.
Steps continue to be made with regard to the spin-out of ATOME
from the Company and the intended separate flotation of ATOME on
the AIM market of the London Stock Exchange. It is expected that
further announcements will be made during the course of November
both in respect of ATOME and also the referred to dividend in
specie in respect of President's shares in ATOME.
Peter Levine, Chairman, commented
"The significant steps being taken with ATOME is just one of the
group's workstreams which include the day to day running of our
production business, the progressing to a conclusion of the
farm-out in Paraguay and the drilling of a minimum of three new oil
wells in Salta Province, Argentina
"Mindful of the need not to drop any of the balls currently in
the air, with our work teams we maintain focus and ensure each of
them will be brought to a successful conclusion.
"In relation to ATOME, this is a very exciting company with
projects having special advantages benefiting from experience and
in country management. We believe that in what we are doing we have
a venture which in material ways sets us apart from the rushing
herd in hydrogen and ammonia and is a real value creator. I commend
investors to consider the announcement made by ATOME and stand by
for further announcements in due course"
The text of Atome Energy PLC public announcement is as
follows
ATOME ENERGY PLC
A GREEN HYDROGEN AND AMMONIA UK BASED COMPANY WITH AN
INTERNATIONAL STRATEGY INTS TO FLOAT ON AIM THIS YEAR
350MW Capacity Projects in Europe and the Americas
ATOME ENERGY PLC ("ATOME" or the "Company"), headquartered in
Leeds, UK, focussed on the large-scale production of green hydrogen
and ammonia, announces its intention to seek admission to trading
on the AIM market of the London Stock Exchange later this year.
Background
Green Hydrogen (and Ammonia) has been described as the "Swiss
Army Knife" of energy, providing solutions for future zero
emissions particularly the harder to de-carbonise sectors of heavy
transport, marine and industry which have been struggling to
address green energy issues through alternative means.
With material increases in the cost of fossil fuels, large scale
production of green hydrogen (ie made with energy from green
renewable sources) is expected to be more cost competitive compared
to the forms of hydrogen produced from hydrocarbon sources.
ATOME highlights
-- An international company, headquartered in Leeds, UK,
targeting the multi-trillion-dollar potential of green hydrogen and
ammonia
-- Objective of commencing first phase production by end 2023
-- Two geographically spread projects ramping up to 350MW capacity mid decade
-- ATOME to be spun-out from AIM-listed President Energy Plc
("President"), an oil and gas company which has incubated and
financially supported ATOME to date
-- Prior to flotation intends that President's entire
institutional and private client shareholder base of circa 600
investors will become shareholders in ATOME by way of a dividend in
specie
-- President's main shareholders have informally indicated their
support to the contemplated spin-out, dividend in specie and
flotation
-- ATOME's planned large-scale 350MW projects are situated in
Iceland and Paraguay, both countries having available baseload
green generated electricity on tap 24/7
-- Key MOUs and Co-operation Agreements are already in place
with Power Purchase Agreement discussions advancing
-- Green credentials for main Board of Directors with local
management and subsidiaries in place
-- ATOME can access of President's proven engineering and infrastructure expertise
-- Initial raise planned at time of Admission to take ATOME to final investment decision (FID)
ATOME's advantages
-- Strong government support available in its project areas with
existing supply of baseload green electricity (hydro and
geothermal) 24/7 coupled with a supportive fiscal environment
-- Land and water resources identified, and in-principle
procured near originating power sources (low transmission costs)
with access to transportation
-- Available domestic-end markets with export potential in EU and Mercosur countries
-- ATOME is technologically agnostic, and can take advantage of
improved technology and lower equipment prices in the future as
more equipment suppliers come on the scene
-- Experienced local management teams with operating
subsidiaries established in both Iceland and Paraguay
Market flotation
ATOME intends to seek admission to the AIM market of the London
Stock Exchange towards the end of this year with Beaumont Cornish
as Nominated Adviser (Nomad), finnCap as Broker, Crowe LLP as
Reporting Accountants and Fieldfisher as Lawyers to ATOME.
On IPO, to complement the intended circa 600 President
shareholders who would hold shares in ATOME directly following the
above intended dividend in specie, ATOME is planning a limited
equity raise to support progress to FID in each of its two current
projects targeted before the end of next year.
The ATOME Board
ATOME's Board includes:
The CEO of ATOME , a European national, to be named when the
individual joins on 1 November 2021, is recognised as a well-known
expert in the green and traditional energy sectors, with particular
emphasis on strategy, equity and finance, currently occupying a
senior position within the largest global development finance
institution.
Mary-Rose de Valladares a US national, who was the longstanding
General Manager of Hydrogen at the International Energy Agency and
a recognised and well-known expert and spokesperson on green
hydrogen and ammonia.
James Spalding a Paraguayan national was for 5 years until 2018
the Paraguayan General Director of Itaipu ("Itaipu") the binacional
hydroelectric dam, being the second largest in the world and
jointly owned by Paraguay and Brazil and on the border of those
countries and Argentina. Formerly a Minister of Finance in Paraguay
and Ambassador to the United States of America.
Peter Levine, Chairman, a Swiss resident, is the current
Chairman and 29.4% shareholder of President Energy Plc. Formerly
the founder and largest individual shareholder throughout its life
of the FTSE 250 company Imperial Energy Corporation Plc sold to
ONGC of India for US$2.4bn in 2008. Formerly Peter also was for
many year the Chairman of the then FTSE 250 company
Severfield-Rowen Plc as well as Keltbray Plc.
ATOME's projects
Iceland
ATOME has a 75% beneficial interest in Green Fuel ehf, an
Icelandic company with experienced local management.
Iceland, a member of the European Economic Area, powers itself
through hydro and geothermic sources with the availability of
baseload electricity for ATOME's planned requirements. Green Fuel
has taken significant steps in progressing its hydrogen and ammonia
project in Iceland including advancing discussions and memoranda of
understanding with key players for power, land and water forming
the route map towards full definitive agreements. Green Fuel is
targeting delivering FID by end 2022 with initial production
planned for end 2023 / early 2024 and building up production
thereafter from 30MW to 100MW.
The choice of location of Iceland and of Green Fuel's project is
in full alignment with the Hydrogen and E-Fuels road map for
Iceland and it reflects Iceland's own domestic needs. It's focused
pursuit of hydrogen, and the nearby growing EU market, including
availability of subsidies and grants make Iceland an ideal place to
manufacture green hydrogen.
Paraguay
ATOME is the beneficial owner of Atome Paraguay S.A. led by
James Spalding.
ATOME has entered into a Memorandum of Understanding with the
Paraguayan innovation arm of Itaipu Technology Park for the future
location of its planned 250 MW green hydrogen and ammonia facility
approximately 1km from the Itaipu dam itself, adjacent to water and
with transport access.
ATOME intends that production will be ramped up from an initial
50 MW unit commencing end 2024 with significant potential local end
markets. All goods are carried by road or barge in Paraguay and the
country is a significant user of fertiliser to support its large
agrarian economy. As a member of Mercosur and with Itaipu bordering
Brazil and Argentina with river access to the ocean through to
Buenos Aires, international export markets are also available.
The project is aligned, among others, to Paraguay's Green
Hydrogen Roadmap and decarbonization goals established in its
National Development Plan 2030, as well as the objectives in the
country's Nationally Determined Contributions (NDC) within the
framework of the Paris Accord.
Further details on ATOME and its projects will be given nearer
the time of flotation but in the meantime for additional
information please visit www.atomeplc.com or contact
info@atomeplc.com
- Ends -
Contact:
President Energy PLC
Rob Shepherd, Group FD +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and Broker
to President)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
Beaumont Cornish (Nominated Advisor
to ATOME) +44 (0) 20 7628 3396
Roland Cornish, Michael Cornish
Blytheweigh (Public Relations to ATOME)
Tim Blythe, Alice McLaren, Madeleine
Gordon-Foxwell + 44 (0) 755 499 7357
Notes to Editors
President Energy is an oil and gas company listed on the AIM
market of the London Stock Exchange (PPC.L) primarily focused in
Argentina, with a diverse portfolio of operated onshore producing
and exploration assets.
The Company has operated interests in the Puesto Flores,
Estancia Vieja, Puesto Prado and Las Bases Concessions, and
Angostura exploration contract, all of which are situated in the
Rio Negro Province in the Neuquén Basin of Argentina and in the
Puesto Guardian Concession, in the Noroeste Basin in NW Argentina.
Alongside this, President Energy has cash generative production
assets in Louisiana, USA and further significant exploration and
development opportunities through its acreage in Paraguay and
Argentina.
President has as one of its subsidiaries, Atome Energy PLC, a
hydrogen and ammonia production company.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets capable of
delivering positive cash flows and shareholder returns. 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, President Energy gives UK investors access to an
energy growth story combined with world class standards of
corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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END
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