REG - Enwell Energy PLC - Court Decision on VAS Licence Order

Enwell EnergyAnnouncement

03/03/2023 07:00

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RNS Number : 7430R  Enwell Energy PLC  03 March 2023

3 March 2023

 

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

 

Court Decision on VAS Licence Order

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, is pleased to announce that the Supreme Court of Ukraine has
issued a final decision in the legal proceedings relating to the validity of
the production licence for the Company's Vasyschevskoye ("VAS") gas and
condensate field in Ukraine.

 

As announced on 12 March 2019 and 19 March 2019, the State Service of Geology
and Subsoil of Ukraine published an Order for suspension dated 11 March 2019
(the "Order") in respect of the production licence for the VAS field. The
Company disputed the Order and issued legal proceedings in the Ukrainian
Courts to challenge the Order and secure a suspension of the application of
the Order pending determination of such proceedings. The legal proceedings
have progressed through the various levels of the Ukrainian Court system, with
the Company being successful at each level. The proceedings ultimately reached
the Supreme Court of Ukraine, which, by a decision dated 23 February 2023 (but
received by the Company on 2 March 2023), determined that the Order was not
justified and should be cancelled. The Supreme Court is the final appellate
court in the legal proceedings and therefore this decision is final.
Accordingly, the licence continues to be valid.

 

Sergii Glazunov, Chief Executive Officer, said: "Although we were always
confident on our legal position, we are nonetheless extremely pleased with the
decision of the Supreme Court and the confirmation of the validity of our VAS
licence."

 

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.

 

For further information, please contact:

 

 Enwell Energy plc                              Tel: 020 3427 3550
 Chris Hopkinson, Chairman
 Sergii Glazunov, Chief Executive Officer
 Bruce Burrows, Finance Director

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

 Zeus Capital Limited                           Tel: 020 7614 5900
 Alexandra Campbell-Harris (Corporate Finance)
 Simon Johnson (Corporate Broking)

 Citigate Dewe Rogerson                         Tel: 020 7638 9571
 Ellen Wilton

 

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