REG - Enwell Energy PLC - Enwell Energy plc Results of SV-31 Well

Enwell EnergyAnnouncement

04/05/2022 07:00

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RNS Number : 1940K  Enwell Energy PLC  04 May 2022

4 May 2022

 

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

 

Results of SV-31 Well

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, is pleased to announce the results of the SV-31 well at its
Svyrydivske (SV) gas and condensate field in Ukraine.

 

The SV-31 well is a development well, targeting production from the V-21 and
V-22 horizons in the Visean formation. The well was spudded in September 2021
and has been drilled to a final depth of 5,240 metres. One interval, at a
drilled depth of 5,210 - 5,219 metres, within the V-22 reservoir was
perforated, and initial testing demonstrated good gas flows. The well was then
hooked up to the gas processing facilities to allow production testing, using
a variety of choke sizes, to be conducted to optimise the operating parameters
of the well. Currently, the well is producing at a stabilised flow rate of
approximately 2.65 MMscf/d of gas and 185 bbl/d of condensate (650 boepd in
aggregate).

 

In light of the Russian military action in Ukraine, on 24 February 2022,
Enwell shut-in and made safe its production and drilling operations at all of
its fields. Subsequently, on 11 March 2022, having taken a number of measures
to ensure safe operations, Enwell commenced the partial restart of production
operations at its Mekhediviska-Golotvshinska (MEX-GOL) and SV fields, and
subsequently limited field operations have been undertaken at those fields,
including the completion of the SV-31 well. However, all operations remain
suspended at the Vasyschevskoye (VAS) gas and condensate field and the
Svystunivsko-Chervonolutskyi (SC) exploration licence.

 

Sergii Glazunov, Chief Executive Officer, said: "We are very pleased with the
results of the SV-31 well, which was drilled safely and successfully, and
ahead of schedule. The completion of the well in the current extremely
challenging environment in Ukraine is a great achievement by our team, and the
strong flow rates recorded will provide a welcome boost to our overall
production volumes."

 

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

 Arden Partners plc                                Tel: 020 7614 5900
 Ruari McGirr / Elliot Mustoe (Corporate Finance)
 Simon Johnson (Corporate Broking)

 Citigate Dewe Rogerson                            Tel: 020 7638 9571
 Ellen Wilton

 

 

Dmitry Sazonenko, MSc Geology, MSc Petroleum Engineering, Member of AAPG, SPE
and EAGE, Director of the Company, has reviewed and approved the technical
information contained within this press release in his capacity as a qualified
person, as required under the AIM Rules.

 

 

 Definitions

 bbl/d    barrels per day
 boepd    barrels of oil equivalent per day
 scf      standard cubic feet measured at 20 degrees Celsius and one atmosphere
 MMscf/d  million standard cubic feet per day

 

 

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