Molecular Energies PLC Q3 Argentina Financial Results (2211G)
November 14 2022 - 2:00AM
UK Regulatory
TIDMMEN
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 +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@molecularenergiesplc.com
finnCap (Nominated Advisor and
broker)
Christopher Raggett, George Dollemore +44 (0) 207 220 0500
Tavistock (Financial PR and IR)
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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