Molecular Energies Provides Paraguay Rig Update

Molecular Energies PLC, the international energy company provides an update on the drilling rig for its Paraguay operations.

Further to the announcement of 9 January 2023 the relevant drilling rig has been successfully procured and the drilling contract with President Energy Paraguay S.A now signed. As flagged previously the rig will now undergo necessary repairs and checks due to the rig having being cold stacked for a prolonged period.

The agreements for ancillary drilling services are now being signed with the objective of commencing drilling as soon as possible. Due to the significant delays completely outside of MEN's control the estimated time for commencement of drilling is in May. We restate that such delays were directly due to the complex financial insolvency of the previous owners of the rig which necessitated dealing with multiple parties.

The drilling time projected to reach target depth is estimated to be 40 days from the time of commencement.