21 November 2023
MOLECULAR ENERGIES PLC
("MEN" or the "Company")
Pro-business result of the Argentina Presidential Election
Molecular Energies (AIM: MEN), the international energy company, notes the results of the election of the new Argentine President, who will take office on 10 December 2023.
The incoming President, Javier Milei, is a free-market economist and has stated that he intends to remove many of the current Argentine government restrictions on businesses. This includes those relating to foreign exchange and payments abroad which have plagued businesses under the current administration, including President Petroleum S.A. ("PPSA"), MEN's former subsidiary.
There may be complexities in implementation of such a strategy, but President Elect Milei has re-confirmed this objective with effect forthwith upon gaining office.
Should they occur, the removal of these restrictions will allow PPSA to commence repaying, starting in H1 2024, the intercompany debt outstanding to MEN, which is currently in excess of US$ 13 million pursuant to the terms of the agreement under which PPASA was sold in September 2023.
Furthermore, any more favorable business environment will be an advantage to President Nuevo Energia, a subsidiary of Green House Capital, a business specifically designed to operate in the green sector in Argentina.
For more information, please visit www.molecularenergiesplc.com or contact:
Molecular Energies PLC
Peter Levine, Chairman
Rob Shepherd, Group FD
+44 (0)20 7016 7950
Cavendish Capital Markets Limited (Nominated Advisor and Broker)
Simon Hicks, George Dollemore
+44 (0)20 7220 0500
Tavistock (Financial PR & IR)
Simon Hudson, Nick Elwes, Charles Baister
+44 (0)20 7920 3150
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.