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31 Aug 2023 07:00
31 August 2023
MOLECULAR ENERGIES PLC
("MEN" or the "Company")
Paraguay Drilling Update
Molecular Energies (AIM: MEN), the international energy company, provides an update relating to the Paraguay exploration well.
The preparation for commencement of drilling of the Paraguay exploration well on the Tapir x1 site has continued.
The present status is as follows:
The mobilization to site has been completed.The site camp for 60 persons including medical and catering facilities has been assembled.The rig up is approximately 50% complete with the mast scheduled to be erected at or around the end of next week.There are now 50 workers on site including Moleculars Drilling Manager, Company Manager, HSE Supervisor and Logistics Supervisor.The Blowout Preventor is undergoing final testing and certification before being shipped to the site from Brazil. Currently expected to be delivered and installed week commencing 11 September.Long lead services, including logging while drilling, fishing and performance drilling tools as well as casing running equipment are now on site. Halliburton has begun moving chemicals for drilling fluids and cementing.Continuous work is being conducted to monitor the approximately 150km of unpaved dirt roads to the remote location and this will continue throughout the drilling and demobilization period.
Photographs depicting progress have been uploaded to the Company's website, and can be seen by clicking here, from which the extent of work being carried out, the remote location and logistical challenges being successfully navigated can be seen.
Commencement of drilling is now scheduled to take place at some stage in the second half of September.
For more information, please visit www.molecularenergiesplc.com or contact:
Molecular Energies PLC Peter Levine, Chairman Rob Shepherd, Group FD | +44 (0)20 7016 7950 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 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 MEN 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 Energy 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 Robert Shepherd, Group Financial Director.
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