RNS Number : 9111N
Molecular Energies PLC
28 September 2023
 

 

 

28 September 2023

MOLECULAR ENERGIES PLC

("Molecular", "the Company" or "the Group")

Unaudited Interim Results for H1 2023

Current trading

 

Molecular Energies PLC (AIM:MEN), the international energy company, announces its unaudited interim results for the six months ended 30 June 2023.

 

Selected Results Summary

All numbers exclude discontinued operations and are in US$ '000 unless stated

H1 2023

H1 2022

F/Y 2022

Average daily production, boe

1,559

1,885

1,656

Group turnover

14,674

16,183

31,547

Adjusted EBITDA

1,686

5,282

7,063

Profit after tax before non-cash items

693

5,280

5,638

Group net debt of which:

42,829

29,242

39,584

Third party debt (President Argentina) now removed from Group

33,782

22,923

35,452

 

 

Corporate and Financial Summary

·      Group turnover of US$14.7 million (H1 2022 US$16.2 million)

·      Adjusted EBITDA of US$1.7 million (H1 2022 US$ 5.3 million) 

·      Profit after tax before non-cash items* of US$0.7 million (H1 2022 US$5.3 million)

·    Third party financial borrowings in Argentina non-recourse to Group was US$33.8 million (H1 2022 US$22.9 million) all of which is now removed from Group pursuant to the sale in September 2023, of the Argentine business and assets.   

·      Mark to market value of holding in Atome Energy PLC (not taken into the Group accounts) as at 30 June 2023 of US$11.6 million (FY2022: US$11.6 million)

·    In April 2023 the shareholder loan outstanding to IYA Global Limited was converted to an interest free long-term loan repayable at the end of 2025. There is no other Group financial debt as at the date hereof.   

 

Operational Summary

·     In Paraguay, work continued in relation to preparation for drilling of the high impact exploration well with our partner CPC, the State Energy Company of Taiwan.

·   Green House Capital has been created with the purpose of becoming the alternative energy division of Molecular.

 

Current trading and developments

·     Sale of business and assets in Argentina approved by shareholders on 21 September 2023 (the "Sale"). The Sale has been completed and all Argentine debt is now removed.

·    The flow of monies to the Group resulting from the Sale is expected to commence in 2024 and to continue thereafter up to a period of five years providing the Group with base working capital. 

·    The exploration well in Paraguay is expected to commence drilling in October 2023 and will be subject to a separate announcement.

·      Work on the proposed initial public offering on the AIM market of Green House Capital is progressing well with further updates planned in the coming weeks. A Chief Executive Officer has now been appointed with the professional team all in place. Further announcements are expected to be issued in October.  

·      As detailed in its RNS of 21 September 2023, Molecular's management team are evaluating alternative major energy projects to place the Group at the forefront of the ongoing energy revolution utilising its assets, knowhow, geographic location and reputation on the ground. Such projects now include sustainable aviation fuel production on a commercial scale with Aecom, the international engineering consultancy, having been commissioned to produce a feasibility report which will be available in Q4 2023. In the meantime, several non-disclosure agreements have been entered into and discussions taking place with equipment suppliers and potential off takers.

 

Commenting on today's announcement, Peter Levine, Chairman said:

 

"Times change and so must Molecular.  By making plans to pivot to green fuel, the Company will benefit from its and its sister company's contacts, experience, know-how and location to create a major future fuel business.

 

"In the meantime, the existing business and assets of Molecular, now free from the large Argentine debt and all third-party financial debt, provide a solid and worthwhile base from which to grow."

 

 

 

* Adjusted EBITDA means Operating Profit before depreciation, depletion and amortisation, adjusted for non-cash share-based expenses and certain non-recurring items. Non-recurring items include where relevant workovers.

* Profit after tax before non-cash items which comprise depletion, depreciation, amortisation, impairment, non-operating gains/losses and deferred tax.



 

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.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Robert Shepherd, Finance Director.

 

Contact:

Molecular Energies PLC

Peter Levine, Chairman

Rob Shepherd, Group FD

 

 

+44 (0)20 7016 7950

info@molecularenergiesplc.com

 

Cavendish Corporate Finance Limited (Nominated Adviser 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

 

 

 



 

Glossary of terms

Boe(pd)            Barrels of oil equivalent (per day)

Bopd                Barrels of oil per day

DDA                 Depletion, depreciation and. amortisation

EV                    Enterprise value meaning market capitalisation plus debt

MMbbls            Million barrels of oil

MMboe             Million barrels of oil equivalent

MMBtu              Million British Thermal Units (gas)

M3/d                 Cubic metres of production of gas or oil per day (as the case may be)



 

Condensed Consolidated Statement of Comprehensive Income

Six months ended 30 June 2023



6 months


6 months


Year to



to 30 June


to 30 June


31 Dec



2023


2022


2022



(Unaudited)


(Unaudited)


(Note 2)



US$000


US$000


US$000

Continuing Operations

 






Revenue

 

14,674


16,183


31,547

Cost of sales

 






Depletion, depreciation & amortisation


(3,415)


(4,273)


(7,296)

Other cost of sales


(10,643)


(10,294)


(20,174)

Total cost of sales

3

(14,058)


(14,567)


(27,470)








Gross profit/(loss)

 

616


1,616


4,077

Administrative expenses


(2,678)


(1,380)


(4,070)

Operating gain/(loss)


  -  


500


  -  

Operating profit / (loss) before impairment charge

 






   and non-operating gains / (losses)

 

(2,062)


736


7

Impairment intangible asset in Paraguay


  -  


  -  


(8,583)

Loss in associate undertaking


  -  


(25)


(25)

Gain on disposal of USA business

5

1,411


  -  


  -  

Other non-operating gains /(losses)

5

1,280


351


1,269

Profit/(loss) after impairment and non-operating

 






   gains and (losses)

 

629


1,062


(7,332)

Finance income

6

2,255


3,259


4,907

Finance costs

6

(2,877)


(3,029)


(6,617)

Profit / (loss) before tax from continuing operations

 

7


1,292


(9,042)

Income tax (charge)/credit

 






Current tax income tax (charge)/credit


(81)


  -  


(59)

Deferred tax being a provision for future taxes


156


2,030


2,033

Total income tax (charge)/credit


75


2,030


1,974





Profit/(loss) for the period from continuing operations

 

82


3,322


(7,068)








Profit/(loss) for the period from discontinued operations

7

(156)


245


(3,430)

Share of loss attributable to non-controlling interest


282


  -  


  -  








Profit/(loss) for the period attributable to equity holders

 

208


3,567


(10,498)

Other comprehensive income

 






 - Items that may be reclassified subsequently to profit or loss







Exchange differences on translating







   non-US Dollar operations


(35)


  -  


  -  

Total comprehensive profit/(loss) for the period

 






   attributable to the equity holders of the Parent Company

173


3,567


(10,498)








Basic earnings/ (loss) per share

 

US cents


US cents


US cents

Earnings/ (loss) per share from continuing operations

8

3.5


32.3


(68.7)

Earnings / (loss) per share from discontinued operations

8

(1.5)


2.4


(33.3)



2.0


34.7


(102.0)

Diluted earnings/ (loss) per share

 






Earnings/ (loss) per share from continuing operations

8

3.5


31.8


(68.7)

Earnings / (loss) per share from discontinued operations

8

(1.5)


2.3


(33.3)



2.0


34.1


(102.0)





Condensed Consolidated Statement of Financial Position

As at 30 June 2023





30 June


30 June


31 Dec





2023


2022


2022





(Unaudited)


(Unaudited)


(Audited)





US$000


US$000


US$000

ASSETS

 

Note







Non-current assets

 








Intangible exploration and evaluation assets


9


45,721


54,304


45,721

Goodwill




705


705


705

Property, plant and equipment


9


72,758


74,071


71,937





119,184


129,080


118,363










Deferred tax




  -  


356


45

Other non-current assets




  -  


103


103





119,184


129,539


118,511

Current assets

 








Trade and other receivables


10


15,591


7,350


11,710

Cash and cash equivalents




3,093


4,970


7,941





18,684


12,320


19,651










TOTAL ASSETS

 



137,868


141,859


138,162










LIABILITIES

 








Current liabilities

 








Trade and other payables


11


23,316


22,891


20,708

Borrowings


12


19,897


12,521


18,391





43,213


35,412


39,099

Non-current liabilities

 








Trade and other payables


11


3,144


4,059


3,362

Long-term provisions




7,038


7,963


7,854

Borrowings


12


26,025


21,691


29,134

Deferred tax




94


253


250





36,301


33,966


40,600










TOTAL LIABILITIES

 



79,514


69,378


79,699










EQUITY

 








Share capital




36,180


36,179


36,179

Share premium




289


48


48

Translation reserve




(50,270)


(50,240)


(50,235)

Profit and loss account




64,855


78,712


64,647

Other reserve




7,582


7,782


7,824





58,636


72,481


58,463

Non-controlling interest




(282)


  -  


  -  

TOTAL EQUITY

 



58,354


72,481


58,463










TOTAL EQUITY AND LIABILITIES

 



137,868


141,859


138,162



 

Condensed Consolidated Statement of Changes in Equity

 



Share capital & share premium


Profit and loss account


Other reserves


Total


Non-controlling interest


Total Equity



US$000


US$000


US$000


US$000


US$000


US$000














Balance at 1 January 2022

 

36,227


75,145


(42,531)


68,841


  -  


68,841














Share-based payments


  -  


  -  


73


73


  -  


73

Transactions with owners

 

  -  


  -  


73


73


  -  


73














Loss for the period


  -  


3,567


  -  


3,567


  -  


3,567

Total comprehensive

 












   income/(loss)

 

  -  


3,567


  -  


3,567


  -  


3,567














Balance at 30 June 2022

 

36,227


78,712


(42,458)


72,481


  -  


72,481














Share-based payments


  -  


  -  


42


42


  -  


42

Transactions with owners

 

  -  


  -  


42


42


  -  


42














Profit for the period


  -  


(14,065)


  -  


(14,065)


  -  


(14,065)

Exchange differences on













   translation


  -  


  -  


5


5


  -  


5

Total comprehensive

 












   income/(loss)

 

  -  


(14,065)


5


(14,060)


  -  


(14,060)














Balance at 1 January 2023

 

36,227


64,647


(42,411)


58,463


  -  


58,463














Exercise of options


242


  -  


(242)


  -  


  -  


  -  

Transactions with owners

 

242


  -  


(242)


  -  


  -  


  -  














Loss for the period


  -  


208


  -  


208


(282)


(74)

Exchange differences on













   translation


  -  


  -  


(35)


(35)


  -  


(35)

Total comprehensive

 












   income/(loss)

 

  -  


208


(35)


173


(282)


(109)














Balance at 30 June 2023

 

36,469


64,855


(42,688)


58,636


(282)


58,354

 

 



 

Condensed Consolidated Statement of Cash Flows

Six months ended 30 June 2023

 



6 months


6 months


Year to



to 30 June


to 30 June


31 Dec



2023


2022


2022



(Unaudited)


(Unaudited)


(Note 2)



US$000


US$000


US$000

Cash flows from continuing operations - (Note 13)

 






Cash generated/(consumed) by operations


(368)


8,283


11,637

Interest received


218


83


244

Taxes paid


(59)


 -  


 -  

Cash generated/(consumed) by discontinued operations


(40)


356


(271)



(249)


8,722


11,610








Cash flows from investing activities

 






Expenditure on exploration and evaluation assets


 -  


 -  


 -  

Expenditure on development and production assets







    (excluding increase in provision for decommissioning)


(4,432)


(9,911)


(21,832)

Insurance proceeds


 -  


 -  


1,289

Recovery of previously impaired costs


 -  


 -  


748

Acquisition & licence extension in Argentina


1,280


 -  


 -  

Net cash used in investing activities in discontinued operations


 -  


(110)


(450)



(3,152)


(10,021)


(20,245)








Cash flows from financing activities

 






Proceeds from issue of shares (net of expenses)


 -  


 -  


 -  

Loan drawdown


11,471


8,120


40,345

Repayment of borrowings


(12,784)


(3,018)


(21,747)

Payment of loan interest and fees


(1,092)


(1,539)


(4,366)

Repayment of obligations under leases


(424)


(640)


(947)

Net cash used in financing activities in discontinued operations


(37)


(63)


(120)



(2,866)


2,860


13,165















Net increase/(decrease) in cash and cash equivalents


(6,267)


1,561


4,530

Opening cash and cash equivalents at beginning of year


7,941


2,014


2,014

Exchange (losses)/gains on cash and cash equivalents


1,419


1,395


1,397

Closing cash and cash equivalents

 

3,093


4,970


7,941

 



 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023

 

1 Nature of operations and general information

Molecular Energies PLC and its subsidiaries' (together," the Group") principal activities are the exploration for and the evaluation and emerging new energy projects.

 

Molecular Energies PLC is the Group's ultimate parent company. It is incorporated and domiciled in England. Following the sale of business and assets in Argentina approved by shareholders on 21 September 2023, the Group has onshore exploration assets in Paraguay and interests in emerging alternative energy projects. The address of Molecular Energies PLC's registered office is Carrwood Park, Selby Road, Leeds, LS15 4LG. Molecular Energies PLC's shares are listed on the AIM of the London Stock Exchange.

 

These condensed consolidated interim financial statements (the interim financial statements) have been approved for issue by the Board of Directors on 27 September 2023. The financial information for the year ended 31 December 2022 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six months ended 30 June 2023 and 30 June 2022 was neither audited nor reviewed by the auditor. The Group's statutory financial statements for the year ended 31 December 2022 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006

 

2 Basis of preparation

The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2022, which have been prepared under UK adopted international accounting standards ("IFRS").

 

These financial statements have been prepared under the historical cost convention. The accounting policies adopted in the 2023 interim financial statements are the same as those adopted in the 2022 Annual report and accounts.

 

The 31 December 2022 audited results have been re-presented to disclose the operations discontinued in 2023, in accordance with IFRS 5.

 



 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 




6 months


6 months


Year to




to 30 June


to 30 June


31 Dec




2023


2022


2022




(Unaudited)


(Unaudited)


(Note 2)




US$000


US$000


US$000

3 Cost of Sales

 








Depreciation


3,415


4,273


7,296


Release of abandonment provision


   -  


   -  


(711)


Royalties & production taxes


2,364


3,161


4,968


Well operating costs


8,279


7,133


15,917




14,058


14,567


27,470

4 Adjusted EBITDA

 








Adjusted EBITDA


1,686


5,282


7,063


Non-recurring items


(290)


(159)


(252)


EBITDA excluding share options


1,396


5,123


6,811


Release of abandonment provision


  -  


  -  


711


Depreciation, depletion & amortisation


(3,458)


(4,314)


(7,400)


Share based payment expense


  -  


(73)


(115)


Operating profit / (loss)


(2,062)


736


7

 

5 Non-operating (gains) / losses

 







Recovery of impaired costs


   -  


   -  


(748)


Gain on insurance proceeds


(1,280)


   -  


(115)


Arising on lease modifications


   -  


4


(51)


Other (gains) / losses


  -  


(355)


(355)


Gain on USA disposal


(1,411)


  -  


  -  




(2,691)


(351)


(1,269)

6 Finance income & costs

 







Interest income


218


83


244


Exchange gains


2,037


3,176


4,663


Finance income

 

2,255


3,259


4,907










Interest & similar charges


2,877


3,029


6,617


Exchange losses


  -  


   -  


   -  


Finance costs

 

2,877


3,029


6,617



 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued


7 Discontinued Operations

 



6 months


6 months


Year to





to 30 June


to 30 June


31 Dec





2023


2022


2022





(Unaudited)


(Unaudited)


(Note 2)





US$000


US$000


US$000

Discontinued Operations

 








Revenue

 



346


1,449


1,686

Cost of sales




(414)


(833)


(2,874)

Gross profit/(loss)

 



(68)


616


(1,188)

Administrative expenses




(30)


(361)


(473)

Operating profit / (loss) before impairment charge

 








   and non-operating gains / (losses)

 



(98)


255


(1,661)










Impairment charge




  -  


  -  


(1,433)

Non-operating gains /(losses)




  -  


  -  


1

Profit/(loss) after impairment and non-operating

 








   gains and (losses)

 



(98)


255


(3,093)










Finance income




  -  


  -  


  -  

Finance costs




(13)


(16)


(32)










Profit / (loss) before tax

 



(111)


239


(3,125)










Income tax (charge)/credit

 








Current tax income tax (charge)/credit




  -  


  -  


  -  

Deferred tax being a provision for future taxes




(45)


6


(305)

Total income tax (charge)/credit




(45)


6


(305)







Profit/(loss) for the period from discontinued operations

 



(156)


245


(3,430)

 

 



 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 




6 months


6 months


Year to




to 30 June


to 30 June


31 Dec




2023


2022


2022




(Unaudited)


(Unaudited)


(Note 2)




US$000


US$000


US$000

8 Earnings / (loss) per share

 







Net profit / (loss) for the period attributable








   to the equity holders of the








   Parent Company from continuing operations


364


3,322


(7,068)










Net profit / (loss) for the period from








discontinued operations


(156)


245


(3,430)












Number


Number


Number




'000


'000


'000


Weighted average number








of shares in issue


10,355


10,290


10,290










Earnings /(loss) per share from continuing operation


US cents


US cents


US cents


Basic


3.5


32.3


(68.7)


Diluted


3.5


31.8


(68.7)










Earnings /(loss) per share from discontinued operations

US cents


US cents


US cents


Basic


(1.5)


2.4


(33.3)


Diluted


(1.5)


2.3


(33.3)

 

 

 

 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2022 - continued

 

9 Non-current assets

 











Property






E&E


Plant and


Total




Assets


Equipment






US$000


US$000


US$000


Cost

 







At 1 January 2022


146,725


163,197


309,922


Additions


  -  


18,961


18,961


Acqusition in USA


  -  


  -  


  -  


Right of use assets (IFRS16)


  -  


377


377


At 30 June 2022


146,725


182,535


329,260


Additions


  -  


5,359


5,359


Acquisition of well in USA


  -  


600


600


Damaged by fire


  -  


(1,249)


(1,249)


Disposals of Right of Use Assets (IFRS!^)


  -  


(1,404)


(1,404)


At 1 January 2023


146,725


185,841


332,566


Additions


   -  


4,547


4,547


Disposal of USA


   -  


(12,514)


(12,514)


Right of use assets (IFRS16)


   -  


  -  


  -  


At 30 June 2023


146,725


177,874


324,599










Depreciation/Impairment

 







At 1 January 2022


92,421


104,049


196,470


Charge for the period


  -  


4,415


4,415


At 30 June 2022


92,421


108,464


200,885


Impaired


8,583


1,433


10,016


Disposals


  -  


(293)


(293)


Damaged by fire


  -  


(75)


(75)


Charge for the period


  -  


4,375


4,375


At 1 January 2023


101,004


113,904


214,908


Disposal of USA


   -  


(12,304)


(12,304)


Charge for the period


   -  


3,516


3,516


At 30 June 2023


101,004


105,116


206,120


















Net Book Value 30 June 2023

 

45,721


72,758


118,479










Net Book Value 30 June 2022

 

54,304


74,071


128,375










Net Book Value 31 December 2022

 

45,721


71,937


117,658

 



 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 




30 June


30 June


31 Dec




2023


2022


2022




(Unaudited)


(Unaudited)


(Audited)




US$000


US$000


US$000

10 Trade and other receivables

 







Trade and other receivables


7,522


6,092


8,805


Prepayments


8,069


1,258


2,905




15,591


7,350


11,710

11. Trade and other payables

 







Current








Trade and other payables


8,903


9,176


7,707


Drilling, workover and operation accruals


13,359


12,519


12,317


Current portion of leases


1,054


1,196


684




23,316


22,891


20,708


Non-current








Non-current trade and other payables


2,719


2,409


2,569


Non-current portion of leases


425


1,650


793




3,144


4,059


3,362


Total carrying value


26,460


26,950


24,070

12 Borrowings

 








Current








Bank loan


951


1,680


1,183


Promissory notes & bonds


18,946


10,841


17,208




19,897


12,521


18,391


Non-Current








IYA Loan


12,140


11,289


12,073


Bank loan


2,009


2,342


1,072


Promissory notes & bonds


11,876


8,060


15,989




26,025


21,691


29,134


Total carrying value of borrowings


45,922


34,212


47,525

 



 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 




6 months


6 months


Year to




to 30 June


to 30 June


31 Dec




2023


2022


2022




(Unaudited)


(Unaudited)


(Note 2)




US$000


US$000


US$000

Profit/(loss) from operations before taxation

 

7


1,292


(9,042)


Interest on bank deposits


(218)


(83)


(244)


Interest payable and loan fees


2,877


3,029


6,617


Depreciation and impairment of property,








   plant and equipment


3,458


4,314


7,400


Release of abandonment provision


  -  


  -  


(711)


Impairment charge


  -  


  -  


8,583


Loss on associate investment


  -  


25


25


Gain on non-operating transaction


(1,280)


(351)


(1,269)


Gain on disposal of USA business


(1,411)


  -  


  -  


Share-based payments


  -  


73


115


Foreign exchange difference


(2,037)


(3,176)


(4,663)









Operating cash flows before movements

 







in working capital

 

1,396


5,123


6,811










(Increase)/decrease in receivables


(4,565)


1,638


(3,137)


(Increase)/decrease in inventory


  -  


1,687


1,691


(Decrease)/increase in payables


2,801


(165)


6,272









Net cash generated by/(used in)

 






   operating activities

 


(368)


8,283


11,637



 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 

14 Atome Energy plc

 










6 months


6 months


Year to




to 30 June


to 30 June


31 Dec




2023


2022


2022




(Unaudited)


(Unaudited)


(Audited)

Selected key financial extracts

 

US$000


US$000


US$000









Group Statement of Comprehensive Income

 







Gain / (loss) on Atome associate investment


  - 


(25)


(25)




  - 


(25)


(25)

Company Profit & Loss Statement

 







Gain arising on mark to market of investment


49


580


1,414




49


580


1,414

Company Statement of Financial position

 







Investment in Atome Energy plc at market value


11,638


10,755


11,589

 

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