Molecular Energies PLC Q1 Argentina Financial Results & Corporate Update (7129B)
June 06 2023 - 2:00AM
UK Regulatory
TIDMMEN
RNS Number : 7129B
Molecular Energies PLC
06 June 2023
6 June 2023
Molecular Energies PLC
("Molecular" or the "Company")
Q1 Argentina Financial Results
Corporate Update
Molecular Energies PLC (AIM: MEN), the international energy
company announces key highlights from the independently reviewed
results from the first three months of the year to 31 March 2023
("Q1") in Argentina in accordance with Argentine reporting rules as
well as a corporate update.
Q1 Argentina Financial Results
Pursuant to the Mini-Bond issued last year and announced in
November 2021 and extended earlier this year, Molecular'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.
The results of PPSA for the first three months of the year to 31
March 2023 have been reviewed by Crowe, the Molecular Group
auditors, and filed with the relevant Argentine authorities. The
results have been determined under Argentine GAAP rules. Such
filing does not relate to Molecular Group as a whole, only PPSA.
The difference in accounting standards will produce anomalies in
the various versions of the accounts.
The Q1 2023 Argentina Financial Report, converted from Argentine
Pesos into United States Dollars show for the first three months of
2023 inter alia a turnover in excess of US$8.6 million and EBITDA*
for the first three months of 2023 of US$2 million. EBITDA for Q2
2023 is currently expected to show a solid increase over the first
quarter.
Argentina Production
Production in Argentina continues to improve as further work on
the Rio Negro facilities is made to allow ramping up to full
capacity. The new wells successfully drilled in Salta in 2022 are
all contributing profitably. The workover campaign in Q1 of this
year has also been successfully completed with all wells now on
line and producing again. A new frac campaign is planned in Rio
Negro for August which if successful on the first well will extend
to a total of 4 wells.
A high-impact exploration well at the Martinez del Tineo field
in Salta Province is still planned for towards the end of this year
subject to rig availability.
Paraguay
Progress continues in relation to the high-impact Tapir
exploration well in the Pirity Concession, currently on track for
the revised spud date of the end of the first week of July. By way
of reminder, this is targeting the Delray complex of prospects,
estimated by the Company to contain in aggregate over 260 mmbbls of
P50 unrisked resources, with a chance of success of 17%.
Atome Energy PLC ("Atome")
Molecular Energies is pleased to note the announcement made on
22 May regarding Baker Hughes, the international services and
technology company, taking a significant stake in Atome. The
origination and spin-out of Atome from Molecular has proved to date
to be a great success with Atome going from strength to strength
and having in Molecular's view exciting prospects ahead.
Molecular retains an interest of 22.5% in Atome whose value has
grown from foundation two years ago as a GBP50,000 share capital
company under Molecular to an independent public company with a
market capitalisation now of approximately US$50 million.
Annual Accounts 2022
It is anticipated that the Company will publish its annual
report and accounts for the year ended 31 December 2022 in the last
week of June which will contain an operational update on
Molecular's hydrocarbon division as well as a progress report on
the Green House Capital Division of the Company.
Glossary
*EBITDA is earnings before interest, tax, depreciation and
amortisation.
Contact:
Molecular Energies PLC +44 (0)20 7016 7950
Nikita Levine, Investor Relations info@molecularenergiesplc.com
finnCap (Nominated Advisor and
broker)
Christopher Raggett, George Dollemore +44 (0)20 7220 0500
Tavistock (Financial PR & 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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