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Enwell Energy PLC - oil & gas exploration and production company focused on Ukraine - Reports 2020 revenue of USD47.3 million, down 15% from USD55.9 million in 2019, while pretax profit was USD6.5 million, down considerably from USD21.8 million. Notes this is due to weakened gas prices in the year. Says 2020 average daily production reached 4,541 barrels of oil equivalent per day, up 6.5% from 4,263 in 2019. Says this is partially driven by the completion of the SV-54 development well which was brought on production in May 2020.
"2020 was another strong operational year for Enwell Energy. Two further successful wells in the SV field led to record production levels from our fields, which helped offset the impact of lower gas prices experienced in the year. The recent resolution of the legal issues relating to LLC Arkona Gas-Energy has enabled us to commence development planning for the SC licence, with our first well planned within the next twelve months," says Chief Executive Sergii Glazunov.
Looking ahead, Enwell Energy says its 2021 development programme will be funded from its existing cash resources.
"We are looking forward to the results of the SV-29 development well and to further progressing our development programme in the new financial year, whilst continuing to improve production rates and revenue streams in the future," says Glazunov.
Current stock price: 21.00 pence, down 7.9% on Wednesday
Year-to-date change: down 4.1%
By Zoe Wickens; zoewickens@alliancenews.com
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