Molecular Energies PLC Paraguay Update (1786H)
26 Luglio 2023 - 8:00AM
UK Regulatory
TIDMMEN
RNS Number : 1786H
Molecular Energies PLC
26 July 2023
26 July 2023
MOLECULAR ENERGIES PLC
("Molecular", "the Company", or "the Group")
Paraguay exploration well
Rig mobilisation commenced
Licence extended
Molecular Energies PLC (AIM: MEN), the international energy
company, issues an update on its Paraguay exploration.
Tapir well, Pirity Concession, Chaco, Paraguay
Mobilisation of the rig to site has commenced, together with the
full 60 bed rig camp. The process involves some 200 truckloads as
well as four cranes and is expected to take approximately 21 days,
subject to weather as part of the journey includes non-paved
roads.
The rig will be fully erected at the Tapir site and tested in
situ. Then, subject to satisfaction and acceptance, the short lead
time services will be mobilised. In the meantime, the long lead
time services are also in the process of mobilisation.
Subject to the above, spudding is targeted to occur at or around
the end of August or beginning of September.
Exploration Licence
The exploration licence for the Pirity Concession has now been
extended by one year to September 2024, providing ample time for
drilling of the exploration well and review of the results.
Contact:
Molecular Energies PLC +44 (0)20 7016 7950
Peter Levine, Chairman info@molecularenergiesplc.com
Rob Shepherd, Group FD
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
About Molecular
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 Argentina as well as
exploration assets in both Argentina and Paraguay. The Company 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, a green hydrogen, ammonia, and fertiliser
company operating in Paraguay, Costa Rica and Iceland, in which
Molecular currently has 20.5%.
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.
-ends-
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END
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July 26, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Molecular Energies (LSE:MEN)
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