REG - Enwell Energy PLC - New Natural Resources Legislation in Ukraine

Enwell EnergyAnnouncement

04/01/2023 07:00

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RNS Number : 5770L  Enwell Energy PLC  04 January 2023

4 January 2023

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

 

New Natural Resources Legislation in Ukraine

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, notes that new legislation relating to the natural resources
sector has been enacted in Ukraine, which may adversely affect the Company's
hydrocarbon extraction licences in Ukraine.

 

The new legislation, Law No. 2805-IX, which will come into force on 28 March
2023, is a substantial package of new procedures and reforms designed to
improve the regulatory process relating to the exploration and development of
natural resources in Ukraine.

 

However, the new legislation includes provisions that if the ultimate
beneficial owner of a mineral or hydrocarbon licence becomes the subject of
sanctions in Ukraine, then the Ukrainian State Authorities may suspend or
revoke that licence. In light of the imposition of the restrictive measures
(sanctions) by the Ukrainian Authorities against Vadym Novynskyi, who holds a
major indirect shareholding interest in the Company, as announced on 9
December 2022, the Company is investigating whether the Company's hydrocarbon
extraction licences may be affected by these provisions in the new law.

 

The Company is reviewing the new legislation, and consulting with its external
legal and other advisers in relation to the accurate interpretation of the new
law, so as to enable the Company to evaluate any requisite actions. In the
meantime, operations at the Company's licences continue as normal.

 

Further announcements will be made in due course, as appropriate.

 

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 (Corporate Finance)
 Simon Johnson (Corporate Broking)

 Citigate Dewe Rogerson                    Tel: 020 7638 9571
 Ellen Wilton

 

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