Enwell Energy PLC - Ukraine-focused oil and gas exploration and production company - On Thursday, says that the State Geologic & Subsoil Survey of Ukraine has suspended its Vasyschevskoye production licence and Svystunivsko-Chervonolutskyi exploration licence in Ukraine. Consequently, field operations end on the Vasyschevskoye licence. Notes this contributes around 12% of its production. Field activities on the Svystunivsko-Chervonolutskyi licence were already and will remain suspended, it adds. Enwell says it will consult with its legal advisers regarding the suspension in order to protect its assets.

Separately, company announces a successful appeal decision in the legal proceeds relating to the Svystunivsko-Chervonolutskyi exploration licence. Says that the Supreme Court in Ukraine overturned a ruling made by the Appellate Administrative Court meaning the licence is valid.

Current stock price: 19.00 pence

12-month change: down 20%

Copyright 2023 Alliance News Ltd. All Rights Reserved.