Molecular Energies PLC Result of the Argentina Presidential Election (0578U)
21 November 2023 - 8:00AM
UK Regulatory
TIDMMEN
RNS Number : 0578U
Molecular Energies PLC
21 November 2023
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 +44 (0)20
Peter Levine, Chairman 7016 7950
Rob Shepherd, Group FD info@molecularenergiesplc.com
Cavendish Capital Markets Limited (Nominated
Advisor and Broker) +44 (0)20
Simon Hicks, George Dollemore 7220 0500
Tavistock (Financial PR & IR) +44 (0)20
Simon Hudson, Nick Elwes, Charles Baister 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.
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END
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