Enwell Energy PLC on Friday said half-year profit and revenue plunged due to challenges arising from the war in Ukraine, but its shares were restored to trading on AIM after publishing its 2022 annual results last week.

Shares in Enwell jumped 35% to £16.80 pence each in London on Friday morning. The stock remains down 99% over the past 12 months.

The Ukraine-focused oil and gas exploration and production company said pretax profit plunged 59% to $17.4 million in the half-year ended that June 30 from $42.8 million a year before.

Revenue fell 57% to $33.1 million from $77.2 million a year prior.

This resulted from decreased gas prices as well as lower production volumes, Enwell explained, as conflict in the Ukraine looms.

Average realised gas, condensate and LPG prices in Ukraine were $419 per million cubic meters, $46 per barrel, and $92 a barrel respectively, Enwell said.

The company declared an interim dividend of 15 pence per share, compared to no dividend a year ago.

Looking ahead, while Enwell said it is ‘extremely difficult to plan future investment and operational activities’ at its fields amid the ongoing war in Ukraine, it said that it retains approximately a quarter of its cash reserves outside Ukraine. This means that it has ‘sufficient resources to navigate the current risk environment for the foreseeable future,’ it said.

Enwell’s shares were restored to trading on AIM on Friday. Shares had 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. Its annual results were published on Wednesday.

On Thursday last week, Enwell reported that pretax profit rose 10% to $73.3 million in 2022 from $66.6 million in 2021, as revenue rose 9.9% to $133.4 million from $121.4 million.

Copyright 2023 Alliance News Ltd. All Rights Reserved.