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Enwell Energy PLC - oil & gas exploration and production company - Says fourth quarter production volumes down 7% year-on-year, mainly due to natural field production decline, though offset somewhat by new volumes from May onwards when the SV-54 well in the SV field commenced production testing.
Says decline in production rates from the VAS-10 well in the latter part of 2019 hit overall production at the VAS field in 2020. Workover of the well is planned to start in the first quarter of 2021 to access an alternative reservoir horizon, with the aim of boosting production.
"Additionally, in the fourth quarter of 2020, flow rates from the producing reservoir horizon in the SV-54 well, which was a secondary horizon targeted in the well, declined significantly, materially affecting production rates from the SV field. As a result, the primary horizon targeted in the well is being perforated with the aim of increasing production rates from this well," company says.
However, overall production volumes for 2020 as a whole up 6.5% on 2019.
"We are pleased with the continued progress in the development of our fields during 2020, where we saw strong production, albeit in a lower gas price environment than in 2019. We are also pleased with progress on the SV-25 well, which we hope will continue our success in the development of our fields," says Chief Executive Sergii Glazunov.
Current stock price: 28.00 pence
Year-to-date change: up 28%
By Lucy Heming;ÃÂ lucyheming@alliancenews.com
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