PPC.L Share News (PPC)

(Sharecast News) - President Energy said on Monday that its green hydrogen and ammonia subsidiary Atome Energy was seeking to float on AIM as part of its spinning-out,
The AIM-traded energy investment firm said steps were being progressed on the spin-out of Atome from the company, which would lead to the intended separate flotation of Atome on the AIM market of the London Stock Exchange.

It said it expected further announcements to be made during November, both in respect of Atome, and also the dividend in specie in respect of President's shares in Atome.

"The significant steps being taken with Atome is just one of the group's work streams which include the day-to-day running of our production business, the progressing to a conclusion of the farm-out in Paraguay and the drilling of a minimum of three new oil wells in Salta Province, Argentina," said chairman Peter Levine.

"Mindful of the need not to drop any of the balls currently in the air, with our work teams we maintain focus and ensure each of them will be brought to a successful conclusion.

"In relation to Atome, this is a very exciting company with projects having special advantages benefiting from experience and in country management."

Levine said the company believed that it had a venture which, in material ways, set it apart from "the rushing herd" in hydrogen and ammonia, and was a "real value" creator.

"I commend investors to consider the announcement made by Atome and stand by for further announcements in due course."

At 0944 BST, shares in President Energy were up 8.29% at 1.98p.