Enwell laments difficult regulatory environment in Ukraine
Enwell Energy PLC on Friday said it is continuing its legal proceedings to challenge suspension orders in Ukraine, including investigating the possibility of pursuing further interim measures to allow restoration of its operations.
In January, the Ukraine-focused oil and gas exploration and production company had announced it mulled legal options after the reinstatement of suspensions of the Mekhediviska-Golotvshinska [MEX-GOL], Svyrydivske [SV] and Vasyschevskoye [VAS] production licences in Ukraine.
It had followed a decision by the Second Appeal Administrative Court in Ukraine to cancel one of the previous interim rulings of the Poltava District Administrative Court.
Meanwhile, at the Svystunivsko-Chervonolutskyi [SC] exploration licence area, development planning is continuing, including planning for the installation of new gas processing facilities.
Cash resources were about $100.7 million as of Monday, up 1.3% from $99.4 million at the end of 2024, but down 1.3% from $102.1 million a month ago.
Enwell said: ‘In general, the operating environment in Ukraine remains very challenging. The company continues to be cautious and vigilant with its ongoing activities and is taking the appropriate measures available to protect and safeguard its personnel and business.
‘The safety and wellbeing of its personnel and contractors is paramount and the company will continue to take all possible steps to ensure their safety.’
Chief Executive Officer Oleksiy Zayets said: ‘The ongoing difficult regulatory environment in Ukraine continues to be a significant challenge for the group.
‘We are yet to be successful in resolving the continuing suspensions of our MEX-GOL, SV and VAS licences, although our efforts to do so continue as a priority for the group. In addition, the general operating environment in Ukraine remains extremely challenging as a result of the war.’
Enwell shares fell 2.5% to 17.55 pence each on Friday morning in London, giving it a market capitalisation of £56.7 million.
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