Molecular Energies PLC - Argentina and US-focused oil and gas production company, with additional assets in Paraguay - Reports turnover in excess of USD8.6 million and earnings before interest, taxation, depreciation and amortisation of USD2 million for its Argentinian operations in the three months to March 31. Expects Ebitda in the second quarter to be higher quarter-on-quarter. Says production in Argentina continues to improve as further work on the Rio Negro facilities is made to allow ramping up to full capacity. States the new wells successfully drilled in Salta in 2022 are all contributing profitably. Adds progress continues in Paraguay in relation to the high-impact Tapir exploration well in the Pirity concession, currently on track for the revised spud date of the end of the first week of July. Further, welcomes news that Baker Hughes has taken a stake in Atome, in which Molecular holds a 22.5% interest.
Current stock price: 116.00 pence
12-month change: down 63%
By Jeremy Cutler, Alliance News reporter
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