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(Alliance News) - Enwell Energy PLC on Tuesday reported a lower output in the production of gas, condensate and aggregate in the third quarter of 2023.
The Ukraine-focused oil and gas exploration and production company said gas output fell to 9.4 million square feet per day, from 10.9 a year prior. Condensate output decreased to 358 barrels per day from 453 a year prior, liquefied petroleum gas production rose to 323 barrels per day from 297, while aggregate barrels of oil equivalent per day decreased to 2,248 from 2,588.
Enwell highlighted the ongoing war in Ukraine leading to a loss of production from the Vasyschevskoye field in May, and severe disruption to the company's operations.
Chief Executive Officer Sergii Glazunov said: "The operating environment in Ukraine continues to be extremely challenging as a result of the war, and additionally the regulatory actions and continuing suspension orders made by the Ukrainian authorities are extremely disappointing. Nevertheless, we are pleased to be able to continue our production operations at the Mekhediviska-Golotvshinska and Svyrydivske fields, and to progress the testing of the GOL-107 well. We are consulting with our lawyers to take all available measures to protect our assets and business and to, hopefully, successfully challenge the regulatory actions taken by the Ukrainian authorities."
Enwell Energy shares were flat at 12.45 pence each on Tuesday afternoon in London. They are down sharply from 2,720p each on October 10, 2022.
By Tom Budszus, Alliance News reporter
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