Molecular Energies PLC Paraguay Drilling Update (8194I)
December 07 2022 - 2:00AM
UK Regulatory
TIDMMEN
RNS Number : 8194I
Molecular Energies PLC
07 December 2022
7 December 2022
Molecular Energies PLC
("MEN" or the "Company")
Paraguay Drilling Update
Molecular Energies PLC (AIM: MEN), the international energy
company, provides an update on the progress of the plans for the
drilling of its Paraguay exploration well.
Paraguay Exploration
As announced previously, the spud date for the drilling of the
high impact Paraguay exploration well is dependent upon the
procuring by the designated drilling contractor ("DDC") of the
drilling rig currently in Paraguay.
The delay in procurement by the DDC is due to the numerous
consents and approvals needed by the current owner of the rig whose
parent is emerging from bankruptcy. The Company understands that
positive progress may now be made which subject to receipt of final
permissions and approvals, will allow the rig to be procured by the
DDC and contracted by the Company for the drilling during this
month. Whilst the DDC and the Company have inspected the rig to the
extent they can, repairs and checks on the rig are required to be
made by the DDC due to it being stacked for a prolonged period of
time which will involve the blow out preventer being serviced.
In relation to oil field services such as mud, solids control,
cement etc. these have all been lined up and all casing is in the
field and available. The button can be pressed to fix mobilisation
dates when visibility on the rig becomes crystal clear. In this
regard, all services are coming from Brazil, Argentina and Bolivia
and have to travel over 1,000km each way to the remote drilling
location so there will be a time lag between commencement of moving
and readiness to drill.
Taking all this into account, subject as above, and managing
expectations, it is prudent to now estimate the start of drilling
in the latter part of Q1 2023 with mobilisation commencing in the
first part of that quarter.
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, 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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