(Alliance News) - Enwell Energy PLC on Friday celebrated a long awaited win, after the Supreme Court of Ukraine approved its production licence for the Vasyschevskoye field.
Enwell Energy is a London-based oil and gas exploration and production company, with several gas and condensate operations in Ukraine.
On March 11, 2019, the State Service of Geology and Subsoil published an order for suspension. Enwell disputed the order, issuing legal proceedings in the Ukrainian courts to suspend - and ultimately cancel - its application.
In 2023, legal proceedings reached the Supreme Court, whereby a decision on February 23 determined that the order was unjustified and should be cancelled.
As such, the licence continues to be valid.
"Although we were always confident on our legal position, we are nonetheless extremely pleased with the decision of the Supreme Court and the confirmation of the validity of our VAS licence," said Chief Executive Officer Sergii Glazunov.
Enwell Energy shares were trading 1.6% higher at 19.35 pence each in London on Friday afternoon.
By Holly Beveridge; Alliance News reporter
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Enwell Energy (ENW)