Announcement • Apr 27
Molecular Energies Announces Last Day of Dealing on AIM Molecular Energies plc provided an update on the matters described in the circular to shareholders dated 28 March 2024 and further information on shareholder communication following cancellation of the admission of the Company's ordinary shares to trading on AIM ("Cancellation"). Cancellation will take place at 7.00 a.m. on 29 April 2024. The final day of dealings in the Company's shares on AIM is 26 April 2024. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (34% average weekly change). Market cap is less than US$10m (UK£2.17m market cap, or US$2.70m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Jan 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Market cap is less than US$10m (UK£3.84m market cap, or US$4.88m). Announcement • Jan 24
Molecular Energies PLC has completed a Follow-on Equity Offering in the amount of £0.648488 million. Molecular Energies PLC has completed a Follow-on Equity Offering in the amount of £0.648488 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,852,824
Price\Range: £0.35
Transaction Features: Subsequent Direct Listing Announcement • Dec 14
Molecular Energies plc Announces Paraguay Drilling Update Molecular Energies provided an update relating to the progress on the preparation for drilling of its high impact Paraguay exploration well. The repaired blow out preventor has, after a lengthy procedure, successfully passed through both Brazilian and Paraguayan customs and is now at the drilling site in the Paraguayan Chaco being assembled and thereafter mounted, hydraulic lines run, and function tested. Subject to satisfactory testing and navigating the void period over Christmas it is projected that continuous drilling will start shortly after the forthcoming holiday period. Service companies have been put on notice and will accordingly be mobilising to site. A further announcement will be made on spudding. Reported Earnings • Oct 01
First half 2023 earnings released: EPS: US$0.035 (vs US$0.32 in 1H 2022) First half 2023 results: EPS: US$0.035 (down from US$0.32 in 1H 2022). Revenue: US$14.7m (down 9.3% from 1H 2022). Net income: US$364.0k (down 89% from 1H 2022). Profit margin: 2.5% (down from 21% in 1H 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Announcement • Aug 31
M Molecular Energies plc Provides an Update Relating to the Paraguay Exploration Well M Molecular Energies provided an update relating to the Paraguay exploration well. The preparation for commencement of drilling of the Paraguay exploration well on the Tapir x1 site has continued. The present status is as follows: The mobilization to site has been completed. The site camp for 60 persons including medical and catering facilities has been assembled. The rig up is approximately 50% complete with the mast scheduled to be erected at or around the end of next week. There are now 50 workers on site including Moleculars Drilling Manager, Company Manager, HSE Supervisor and Logistics Supervisor. The Blowout Preventor is undergoing final testing and certification before being shipped to the site from Brazil. Currently expected to be delivered and installed week commencing 11 September. Long lead services, including logging while drilling, fishing and performance drilling tools as well as casing running equipment are now on site. Halliburton has begun moving chemicals for drilling fluids and cementing. Continuous work is being conducted to monitor the approximately 150km of unpaved dirt roads to the remote location and this will continue throughout the drilling and demobilization period. Commencement of drilling is now scheduled to take place at some stage in the second half of September. Announcement • Jul 15
An unknown buyer acquired a 2.23% stake in ATOME Energy PLC from Molecular Energies PLC for £0.8 million. An unknown buyer acquired a 2.23% stake in ATOME Energy PLC from Molecular Energies PLC for £0.8 million on July 14, 2023. finnCap Ltd acted as financial advisor to Molecular Energies PLC.
An unknown buyer completed the acquisition of a 2.23% stake in ATOME Energy PLC from Molecular Energies PLC on July 14, 2023. Announcement • Jun 29
Molecular Energies PLC, Annual General Meeting, Jul 25, 2023 Molecular Energies PLC, Annual General Meeting, Jul 25, 2023, at 12:00 Coordinated Universal Time. Location: Carrwood Park, Selby Road, Leeds LS15 4LG Leeds United Kingdom New Risk • Jun 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$10m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$10m free cash flow). Minor Risk Market cap is less than US$100m (UK£12.7m market cap, or US$16.1m). Reported Earnings • Jun 29
Full year 2022 earnings released: US$1.02 loss per share (vs US$0.45 profit in FY 2021) Full year 2022 results: US$1.02 loss per share (down from US$0.45 profit in FY 2021). Revenue: US$33.2m (down 2.7% from FY 2021). Net loss: US$10.5m (down 329% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • May 11
Molecular Energies PLC Provides an Update on its Paraguay Exploration Activities Molecular Energies PLC provided an update on its Paraguay exploration activities. Paraguay drilling: The preparations for the drilling of the exploration well in the Pirity Concession, Chaco, Paraguay continue. As part of the due diligence testing of the drilling rig, Molecular has insisted that the drilling contractor make certain modifications and repairs to the blow-out preventor. These are being carried out at the contractor's own cost. Due to the complex nature of the blow-out preventor and the requirements for it to be fit for the purpose in this particular exploratory well, it is now anticipated that spudding of the well will take place at or around the end of the first week in July. As previously announced, it is anticipated that the well will take 40 days from the date of spud to reach its target depth. The well will target the Delray complex of prospects, estimated by the Company to contain in aggregate over 260 mmbbls of P50 unrisked resources. Announcement • Feb 03
Molecular Energies PLC Provides an Update on the Drilling Rig for its Paraguay Operations Molecular Energies PLC provided an update on the drilling rig for its Paraguay operations. Further to the announcement of 9 January 2023 the relevant drilling rig has been successfully procured and the drilling contract with President Energy Paraguay S. A now signed. As flagged previously the rig will now undergo necessary repairs and checks due to the rig having being cold stacked for a prolonged period. The agreements for ancillary drilling services are now being signed with the objective of commencing drilling as soon as possible. Due to the significant delays completely outside of MEN's control the estimated time for commencement of drilling is in May 2023. The company restate that such delays were directly due to the complex financial insolvency of the previous owners of the rig which necessitated dealing with multiple parties. The drilling time projected to reach target depth is estimated to be 40 days from the time of commencement. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director Alex Moody-Stuart was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Nov 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director Alex Moody-Stuart was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Jun 29
Full year 2021 earnings released: EPS: US$0.002 (vs US$0.007 loss in FY 2020) Full year 2021 results: EPS: US$0.002 (up from US$0.007 loss in FY 2020). Revenue: US$34.1m (up 23% from FY 2020). Net income: US$4.58m (up US$15.9m from FY 2020). Profit margin: 13% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Combined production and costs Oil equivalent production: 0.903 MMboe (0.993 MMboe in FY 2020) Average production cost/Boe: US$24.43 (US$21.81/Boe in FY 2020) Over the next year, revenue is forecast to grow 35%, compared to a 25% growth forecast for the oil industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Alex Moody-Stuart was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 03
First half 2021 earnings released: US$0.002 loss per share (vs US$0.003 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$17.1m (up 25% from 1H 2020). Net loss: US$3.38m (loss narrowed 16% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 25
Full year 2020 earnings released: US$0.007 loss per share (vs US$0.079 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$27.8m (down 32% from FY 2019). Net loss: US$11.3m (loss narrowed 87% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 15
Price target increased to UK£0.037 Up from UK£0.031, the current price target is an average from 4 analysts. New target price is 66% above last closing price of UK£0.022. Stock is up 33% over the past year. Major Estimate Revision • Nov 02
Analysts lower EPS estimates to -US$0.0044 The 2020 consensus revenue estimate was lowered from US$32.5m to US$29.6m. The company's losses are expected to worsen with analysts lowering their EPS forecasts from -US$0.0038 to -US$0.0044 for the same period. The Oil and Gas industry in the United Kingdom is expected to see an average net income growth of 5.8% next year. The consensus price target was lowered from UK£0.031 to UK£0.027. Share price is down by 15% to UK£0.013 over the past week. Price Target Changed • Nov 01
Price target lowered to UK£0.027 Down from UK£0.031, the current price target is an average from 4 analysts. The new target price is 105% above the current share price of UK£0.013. As of last close, the stock is down 69% over the past year. Reported Earnings • Oct 26
First half earnings released Over the last 12 months the company has reported total losses of US$91.0m, with earnings decreasing by US$93.8m from the prior year. Total revenue was US$31.2m over the last 12 months, down 36% from the prior year. 