Molecular Energies PLC Operational Update (4816D)
October 20 2022 - 2:00AM
UK Regulatory
TIDMMEN
RNS Number : 4816D
Molecular Energies PLC
20 October 2022
20 October 2022
Molecular Energies PLC
("the "Company")
Operational Update
Molecular Energies PLC (AIM: MEN), the international energy
company with two diverse divisional interests being that of
hydrocarbons and an alternative energy business, provides an
operational update in respect of its Puesto Flores Field, Argentina
and East Lake Verret Field, Louisiana.
Rio Negro
The Puesto Flores facility has fully restarted after the
temporary disruption with all work successfully completed. It is
now working up towards full production levels which is expected by
the end of this weekend.
For the avoidance of doubt, the disruption has not affected the
previous expectations of the Argentine business being operationally
profitable in the relevant quarter.
Louisiana
After a delay in barge availability, work is in progress at the
wells with full production, at this high margin, positive cash
generative business, also expected by the end of the weekend.
The steps being taken in Louisiana by introducing gas lift
technology for the first time in the Triche well are expected to
deliver a higher, sustained level of uninterrupted production than
in the recent past.
Peter Levine, Chairman, commented:
"This has been a period where a confluence of independent and
unrelated factors outside of the control of the Company have meant
that both the Puesto Flores and Louisiana Fields have for entirely
different reasons been temporarily interrupted.
"The Group has however many strings to its bow, and the Company
expects of our Argentine business being operationally profitable in
Q3.
"The temporary disruption is not in any way reflective of those
affected fields production capability, nor the present or future
potential of operational profitability of such assets and in any
event all other fields of the Company remain unaffected and
continue to produce in line with internal expectations.
Likewise, preparations for drilling the high impact Paraguay oil
prospect progress, as does work on developing our Green House
Capital alternative energy business. As to our investment asset
base, we note the positive progress of our former subsidiary, Atome
Energy PLC, in which we retain a 28% holding."
For further information, please visit
www.molecularenergiesplc.com or contact:
Molecular Energies PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@ molecularenergiesplc.com
finnCap (Nominated Advisor and
broker)
Christopher Raggett, Edward Whiley +44 (0) 207 220 0500
Tavistock (Financial PR)
Simon Hudson, Nick Elwes, Charles
Baister +44 (0)20 7920 3150
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.
-ends-
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