Paraguay Drilling Update

Molecular Energies PLC

14 December 2023

 

14 December 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 progress on the preparation for drilling of its high impact Paraguay exploration well.

The repaired blow out preventor ("BOP") has, after a lengthy procedure, successfully passed through both Brazilian and Paraguayan customs and is now at the drilling site in the Paraguayan Chaco being assembled and thereafter mounted, hydraulic lines run, and function tested. Subject to satisfactory testing and navigating the void period over Christmas it is projected that continuous drilling will start shortly after the forthcoming holiday period. Service companies have been put on notice and will accordingly be mobilising to site.

A further announcement will be made on spudding.

For more information, please visit www.molecularenergiesplc.com or contact:

Molecular Energies PLC Peter Levine, Chairman Rob Shepherd, Group FD	[phone] [e-mail]
Cavendish (Nominated Advisor and Broker) Simon Hicks, George Dollemore	[phone]
Tavistock (Financial PR & IR) Simon Hudson, Nick Elwes, Charles Baister	[phone]

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 an oil and gas project to the green and alternative energy sector.

The Company currently has an oil exploration asset in 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 direct through Molecular and 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, no third-party financial debt and a 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.

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