Enwell Energy slides after Ukraine exploration licence ruled invalid

Enwell Energy

04/11/2022 10:54

** Enwell Energy shares  ENWE.L  drops nearly 13% to 22.6p,
lowest in almost a month
    ** Co says its Ukraine Svystunivsko-Chervonolutskyi
exploration licence, held by LLC Arkona Gas-Energy, ruled
invalid by Appellate Administrative Court in Kyiv  urn:newsml:reuters.com:*:nFWN32038R
    ** Enwell bought Arkona Gas-Energy and Arkona in March 2020
and in April 2021, JV Boryslav Oil Co made legal claim that
irregular procedures were followed in granting the licence
    ** Enwell says court ruled in favour of Boryslav and that it
intends to appeal to Supreme Court
    ** Including session's losses, stock down ~35.5% YTD
 (Reporting by Hani Kollathodi in Bengaluru)
 ((Hani.Kollathodi@thomsonreuters.com;))