Molecular Energies PLC Paraguay Rig Update (8063O)
February 03 2023 - 2:24AM
UK Regulatory
TIDMMEN
RNS Number : 8063O
Molecular Energies PLC
03 February 2023
3 February 2023
Molecular Energies PLC
("MEN" or the "Company")
Paraguay Rig Update
Molecular Energies PLC (AIM: MEN), the international energy
company provides an update on the drilling rig for its Paraguay
operations.
Further to the announcement of 9 January 2023 the relevant
drilling rig has been successfully procured and the drilling
contract with President Energy Paraguay S.A now signed. As flagged
previously the rig will now undergo necessary repairs and checks
due to the rig having being cold stacked for a prolonged
period.
The agreements for ancillary drilling services are now being
signed with the objective of commencing drilling as soon as
possible. Due to the significant delays completely outside of MEN's
control the estimated time for commencement of drilling is in May.
We restate that such delays were directly due to the complex
financial insolvency of the previous owners of the rig which
necessitated dealing with multiple parties.
The drilling time projected to reach target depth is estimated
to be 40 days from the time of commencement.
Contact:
Molecular Energies PLC +44 (0)20 7016 7950
Nikita Levine, Investor Relations info@molecularenergiesplc.com
finnCap (Nominated Advisor and broker) +44 (0)20 7220 0500
Christopher Raggett, George Dollemore
Tavistock (Financial PR & IR) +44 (0)20 7920 3150
Simon Hudson, Nick Elwes, Charles Baister
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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