REG - Enwell Energy PLC - Commencement of Arbitration Proceedings

Enwell EnergyAnnouncement

27/08/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250827:nRSa7594Wa&default-theme=true

RNS Number : 7594W  Enwell Energy PLC  27 August 2025

27 August 2025

 

Enwell Energy plc
("Enwell" or the "Company")

 

Commencement of Arbitration Proceedings against Ukraine

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, announces that it has commenced arbitration proceedings
against Ukraine under the Agreement Between the Government of the United
Kingdom of Great Britain and Northern Ireland and the Government of Ukraine
for the Promotion and Reciprocal Protection of Investments (the "Treaty"). The
Treaty is an international treaty designed to protect the rights of investors
from the United Kingdom or Ukraine who make investments in the other country.

 

The commencement of these proceedings follows a series of adverse actions
taken by Ukraine against the Company and its subsidiaries (the "Group") in
Ukraine since December 2022. These actions have included interfering with the
Company's ownership registrations for its subsidiaries and assets, freezing of
certain of the Group's assets, raids and searches of the Group's local offices
and field premises, and, most seriously, suspension of the Group's gas and
condensate production and exploration licences. During the period from 4 May
2023 to 26 June 2024, the Group's Vasyschevskoye ("VAS") production licence
and Svystunivsko-Chervonolutskyi ("SC") exploration licence were the subject
of suspension orders made by the State Geologic and Subsoil Survey of Ukraine
(the "SGSS"), and since 15 November 2024, the Group's
Mekhediviska-Golotvshinska ("MEX-GOL"), Svyrydivske ("SV") and VAS production
licences have been the subject of further suspension orders made by the SGSS.

 

The Company has sought to resolve the disputes with Ukraine amicably,
including through the procedures outlined in the Treaty, but these efforts
have not been successful. The Company considers that by its actions, Ukraine
has contravened its obligations and the Company's rights under the Treaty.

 

As a consequence, and following consultations with its legal advisers as to
how best to protect the Group's business and assets, the Company has now
commenced arbitration proceedings against Ukraine under the Treaty and in
accordance with the Convention on Settlement of Investment Disputes between
States and Nationals of Other States (the "ICSID Convention"). The arbitration
has accordingly been registered by the International Centre for Settlement of
Investment Disputes ( "ICSID").

 

Within the arbitration proceedings, the Company is claiming monetary damages
for the loss and damage it has suffered as a result of Ukraine's actions, as
well as the reinstatement of its licences for the remainder of their
respective durations, and its costs.

 

The Company will provide further updates as the proceedings progress in due
course.

 

 

 

 

 

 

For further information, please contact:

 

 Enwell Energy plc                  Tel: 020 3427 3550
 Chuck Valceschini, Chairman
 Oleksiy Zayets, CEO
 Bruce Burrows, Finance Director

 Strand Hanson Limited              Tel: 020 7409 3494
 Rory Murphy / Matthew Chandler

 Zeus Capital Limited               Tel: 020 7614 5900
 Oscar Stack (Corporate Finance)
 Simon Johnson (Corporate Broking)

 Citigate Dewe Rogerson             Tel: 020 7638 9571
 Luna Habte

 

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, which forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of
the Market Abuse (Amendment) (EU Exit) Regulations 2019.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBCGDILBDDGUL