(Alliance News) - Enwell Energy PLC on Friday reported a drop in its quarterly output as conflict in Ukraine persists, and said its current finance chief will step in as interim chief executive officer.
The Ukraine-focused oil and gas exploration and production company said gas production in the three months to March 31 was 8.7 million cubic feet of gas per day, down 12% from 9.9 million a year ago.
Condensate production in the first quarter dropped to 309 barrels per day, down 22% from 394 barrels the year before.
Enwell also reported that liquefied petroleum gas production dropped 13% to 378bbl per day, from 434 barrels in the first quarter of 2023.
Aggregate production fell 13% to 2,128 barrels of oil per day from 2,449 the previous year.
Enwell said production suffered due to the ongoing war in Ukraine, and from the suspension of the VAS AND SC licences, which were revoked in Mau last year for five years.
Further, the firm said that it intends to recruit a new CEO after Sergei Glazunov stepped down as CEO and as director of the company back in March. Enwell said Oleksiy Zayets, chief financial officer of the its companies in Ukraine, will act as interim CEO in the meantime.
Zayets commented: "The operating environment in Ukraine remains extremely challenging as a result of the war, and additionally the regulatory actions and ongoing suspension orders made by the Ukrainian authorities are very frustrating and disappointing. Nevertheless, we are pleased to be able to continue our production operations at the MEX-GOL and SV fields. We continue to consult with our legal advisers to pursue all available measures to protect our assets and business and to, hopefully, ultimately successfully challenge the regulatory actions taken by the Ukrainian authorities in due course."
Shares in Enwell fell 2.9% at 15.05 pence each in London on Friday afternoon.
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Enwell Energy (ENW)