Molecular Energies preparing to drill Paraguay exploration well

Molecular Energies updated the market on its progress in preparation for drilling its high-impact Paraguay exploration well on Thursday.

The AIM-traded firm said the repaired blowout preventer (BOP) had cleared customs in Brazil and Paraguay after a considerable procedural effort.

It was now at the drilling site in the Paraguayan Chaco, where it was undergoing assembly.

After assembly, hydraulic lines would be installed, and a comprehensive function test would take place.

Continuous drilling operations were expected to start after satisfactory testing results and after the holiday period.

Service companies had been alerted and would soon mobilise to the site.

Molecular Energies said a subsequent announcement would be made at the start of drilling, providing further details on the progress of the significant exploration project.

At 1221 GMT, shares in Molecular Energies were down 3.03% at 80p.

Reporting by Josh White for Sharecast.com.