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.