REG - Enwell Energy PLC - Reinstatement of Suspension of VAS Licence

Enwell EnergyAnnouncement

27/02/2025 15:30

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RNS Number : 7661Y  Enwell Energy PLC  27 February 2025

27 February 2025

 

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

 

Reinstatement of Suspension of VAS Licence

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, announces that earlier today, the Second Appeal
Administrative Court in Ukraine cancelled the previous interim ruling of the
Poltava District Administrative Court, which had lifted the suspension of the
Company's Vasyschevskoye ("VAS") production licence in Ukraine.

 

As announced on 18 November 2024, the State Geologic and Subsoil Survey of
Ukraine (the "SGSS") issued suspension orders dated 15 November 2024 (the
"Suspension Orders") in respect of each of the MEX-GOL, SV and VAS production
licences for a period of 10 years effective from 8 October 2024.

 

As announced on 26 November 2024, the Company issued legal proceedings in the
Poltava District Administrative Court in Ukraine to challenge such Suspension
Orders, and within such proceedings, the Company obtained interim rulings (the
"Interim Rulings") to lift such Suspension Orders pending determination of the
substantive issues in the legal proceedings.

 

The SGSS issued appeals against the Interim Rulings in the Second Appeal
Administrative Court in Ukraine, and, by a decision dated 22 January 2025, the
appeal against the Interim Rulings relating to the MEX-GOL and SV licences was
allowed. As a result, the Suspension Orders in respect of the MEX-GOL and SV
licences were reinstated and the Company ceased all field operations on these
licences at that time.

 

Earlier today, the Second Appeal Administrative Court of Ukraine made a
decision to allow the SGSS's appeal against the Interim Ruling relating to the
VAS licences, and as a result, the Suspension Order in respect of the VAS
licence is back in force. Accordingly, the Company is ceasing all field
operations on this licence, including shutting down production operations.

 

The Company is continuing its legal proceedings to challenge the Suspension
Orders, including investigating the possibility of pursuing further interim
measures to allow restoration of its operations, and continuing to consult
with its external legal and other advisers to seek to mitigate the risks
associated with the regulatory actions of the Ukrainian authorities.

 

 

For further information, please contact:

 

 Enwell Energy plc                              Tel: 020 3427 3550
 Chuck Valceschini, Chairman
 Oleksiy Zayets, Interim CEO
 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
 Luna Habte / Noemie de Andia

 

 

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.

 

 

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