Molecular Energies PLC on Thursday confirmed the spudding of the Tapir x-1 exploration well at the Pirity Concession in Chaco, Paraguay.
Molecular Energies, formerly known as President Energy PLC, is an Argentina and US-focused oil and gas production company. It has additional assets in Paraguay, owning a 50% stake in the Pirity Concession.
The well is approximately 3,800 metres deep and has an estimated drilling time of 45 days, the firm said.
Molecular Energies also announced that it has received the first installment of monies comprising approximately $500,000 relating to the sale of its Argentinian oil and gas business, President Energy Holding UK Ltd, to PLLG Investments Ltd, which it sold for $40 million in September.
Shares in Molecular Energies were down 0.9% at 73.80 pence each in London on Thursday afternoon.
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