(Sharecast News) - Oil and gas exploration and production company Enwell Energy announced the grant of an extension of its Mekhediviska-Golotvshinska (Mex-Gol) production licence in north-eastern Ukraine on Tuesday.
The AIM-traded firm explained that the Mex-Gol production licence was granted in July 2004 for a duration of 20 years, adding that it covered an area of about 126 square kilometres.
It said it holds a 100% working interest in, and is operator of, the licence, which is adjacent to the Svyrydivske (SV) production licence.
The company produces gas, condensate and LPG from these fields.
It said that, in order to facilitate the full development of the Mex-Gol field over its expected economic life, which was assessed to be until 2038 based on the reserves assessment undertaken by DeGolyer and MacNaughton as at 31 December 2017, it applied to extend the licence.
On 30 November, an extension of the licence was granted for a period of 20 years.
"We are delighted to have secured the extension of our Mex-Gol production licence, which is consistent with our strategic planning and enables us to continue the development of this field for the duration of its economic life," said chief executive officer Sergii Glazunov.
At 1111 GMT, shares in Enwell Energy were up 3.59% at 23.1p.
Enwell Energy (ENW)25 Apr 2024 15:49