Shares in Molecular Energies PLC (AIM:MEN, OTC:PPCGD) rose 5% in early trading as it announced plans to sell its Argentinian oil and gas business to chairman and chief executive Peter Levine in a deal worth up to US$40 million.
The transaction will see US$2 million paid upfront by Levine’s PLLG Investments, the assumption of US$13 million in debt and interest and a contingent 20% of cash flow over the next five years.
By 9.31 am, Molecular’s shares were up 6.5p to 129p.