Molecular Energies - Paraguay Drilling Update
Molecular Energies release
Molecular Energies PLC (AIM: MEN), the international energy Company with both hydrocarbon and alternative energy divisions provides an update on its Paraguay exploration activities.
Paraguay drilling
The preparations for the drilling of the exploration well in the Pirity Concession, Chaco, Paraguay continue.
As part of the due diligence testing of the drilling rig, Molecular has insisted that the drilling contractor make certain modifications and repairs to the blow-out preventor.
These are being carried out at the contractor's own cost. Due to the complex nature of the blow-out preventor and the requirements for it to be fit for the purpose in this particular exploratory well, it is now anticipated that spudding of the well will take place at or around the end of the first week in July.
As previously announced, it is anticipated that the well will take 40 days from the date of spud to reach its target depth. The well will target the Delray complex of prospects, estimated by the Company to contain in aggregate over 260 mmbbls of P50 unrisked resources.
Group Trading Update
A Group trading update will be issued at the time of the announcement of the audited accounts for the year end 31 December 2022. This is expected within the next month.
Peter Levine, Chairman, commented:
"Whilst the delay is regrettable, it is essential that all reasonable safety issues are covered off. Each well has different characteristics and experience has shown that this is a crucial piece of equipment that has to be right.
"There is no material increased cost on our or our partner's part due to this issue. All other aspects of the preparation are on track and being lined up for the revised spud date".
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