Enwell Energy PLC on Thursday said its profit and revenue rose in 2022, but that geopolitical factors make future planning ‘extremely difficult’.

Shares in the Ukraine-focused oil and gas exploration and production company have been suspended from trading in London since July 3, having failed to publish its 2022 annual results by the AIM deadline of June 30. Enwell in May had warned of a delay in its accounts due to the resignation of its former auditor.

Pretax profit rose 10% to $73.3 million in 2022 from $66.6 million in 2021.

Revenue rose 9.9% to $133.4 million from $121.4 million. Total average daily production, calculated using the days when Enwell’s fields ‘were actually in production’, was 2,956 barrels of oil equivalent per day, down from 4,730 barrels the year before.

Enwell said the Russian invasion of Ukraine significantly hurt its business and operations, with all field work being briefly suspended for safety reasons early in 2022. Later, Enwell was forced to suspend all work at two production licenses after Ukrainian authorities took various regulatory actions against it.

Enwell retains around 25% of its cash outside Ukraine, enhancing its ‘ability to navigate the current risk environment for the foreseeable future’. For the rest of this year and in 2024, Enwell expects to fund its development programme using operational cash flow and existing cash resources.

Enwell said it had $79.1 million in cash as of December 14 this year, down from USD 88.7 million on December 31, 2022.

However, due to the ‘devastating’ situation in Ukraine and ‘extreme challenges’ in the business environment, Enwell warned that it remains ‘extremely difficult’ to plan future operational activities and investments.

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