PLLG Investments Limited agreed to acquire President Petroleum S.A. from Molecular Energies PLC (AIM:MEN) for $40 million on September 5, 2023. The total consideration includes $2 million cash payment on the date falling 12 months from completion of the sale, PLLG Investments Limited to procure the repayment of $13 million debt and interest owed by President Petroleum S.A. to Molecular Energies PLC and contingent consideration of up to 20% of the net free cashflow of President Petroleum S.A over the next 5 years. The entire deal value is up to the sum of $40 million in aggregate and subject to certain conditions.

The deal is subject to approval of the shareholders in a general meeting and consequently the Circular contains a notice of general meeting to be held at 3pm on September 21, at The RAG Army & Navy Club, 36 Pall Mall, London, SW1Y 5JN (the "General Meeting"). Christopher Raggett of finnCap Ltd acted as financial advisor to Molecular Energies PLC (AIM:MEN).