REG - Enwell Energy PLC - Extension of MEX-GOL Production Licence

Enwell EnergyAnnouncement

01/12/2020 07:01

RNS Number : 0127H
  
Enwell Energy PLC
  
01 December 2020
  
 

1 December 2020
Enwell Energy plc
("Enwell" or the "Company")
 
Extension of MEX-GOL Production Licence
 
Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and production group, is pleased to announce the grant of an extension of its Mekhediviska-Golotvshinska (MEX-GOL) production licence in north-eastern Ukraine.
 
The MEX-GOL production licence was granted in July 2004, for a duration of 20 years, and covers an area of approximately 126 km2. The Company has a 100% working interest in, and is operator of, the licence, which is adjacent to the Svyrydivske (SV) production licence. The Company produces gas, condensate and LPG from these fields. 
 
In order to facilitate the full development of the MEX-GOL field over its anticipated economic life, which is assessed to be until 2038 based on the reserves assessment undertaken by DeGolyer and MacNaughton as at 31 December 2017 (see announcement dated 31 July 2018), the Company applied to extend the MEX-GOL licence. On 30 November 2020, an extension of the licence was granted for a period of 20 years.
 
Sergii Glazunov, Chief Executive Officer, said: "We are delighted to have secured the extension of our MEX-GOL production licence, which is consistent with our strategic planning and enables us to continue the development of this field for the duration of its economic life."
 
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
 
 
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 / Richard Tulloch


















Arden Partners plc


Tel: 020 7614 5900




Ruari McGirr / Dan Gee-Summons (Corporate Finance)








Simon Johnson (Corporate Broking)


















Citigate Dewe Rogerson


Tel: 020 7638 9571




Louise Mason-Rutherford / Elizabeth Kittle


 
 



 
 
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
 




km2


square kilometres




LPG


liquefied petroleum gas 




%


per cent



 
 

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