Enwell Energy PLC - Ukraine-focused oil and gas exploration and production company - Records full-year production of 2,641 barrel of oil per day in 2022, down 25% from 3,501 boepd the previous year, from its MEX-GOL and SV field. With its VAS field, production in the final quarter amounted to 2,956 boepd, down 38% versus 4,730 boepd. The production fields are located in the Ukraine. Notes that the ongoing war in Ukraine has caused disruption to production operations at the MEX-GOL and SV fields.
"Although the situation in Ukraine continues to be extremely challenging, we are pleased that, with the resumption of production operations at the VAS field, we now have operational activity at both of our production assets. The adverse Court ruling regarding the SC licence is very disappointing but we are progressing appeal proceedings to challenge that ruling," CEO Sergii Glazunov says.
Current stock price: 16.28 pence
12-month change: down 55%
By Abby Amoakuh, Alliance News reporter
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Enwell Energy (ENW)