Molecular Energies PLC - Argentina and US-focused oil and gas production company, with additional exploration assets in both Argentina and Paraguay - Says the preparations for the drilling of the exploration well in the Pirity Concession located in Chaco, Paraguay continue. As part of the due diligence testing of the drilling rig, the company has insisted that the drilling contractor make certain modifications and repairs to the blow-out preventor. Expects the spudding of the well to take place at or around the end of the first week in July.
Chair Peter Levine says: ‘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.’
Current stock price: 125.75 pence each, down 4.4% on Thursday afternoon in London
12-month change: down 62%
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