REG - Enwell Energy PLC - Restrictive Measures Affecting Major Shareholder

Enwell EnergyAnnouncement

09/12/2022 17:00

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RNS Number : 2785J  Enwell Energy PLC  09 December 2022

9 December 2022

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

 

Restrictive Measures Affecting Major Shareholder

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, comments on a regulatory action within Ukraine affecting a
major indirect shareholder of the Company.

 

The Company notes that a Decree of the President of Ukraine numbered 820/2022
and dated 1 December 2022 (the "Decree"), made pursuant to a resolution of the
National Security and Defence Council of Ukraine dated 1 December 2022,
entitled "On certain aspects of the activities of religious organisations in
Ukraine and application of personal special economic and other restrictive
measures (sanctions)", was implemented, pursuant to which personal special
economic and other restrictive measures (sanctions) were applied to ten
individuals, all of whom are Orthodox religious clerics.

 

One of these individuals is Vadym Novynskyi, who is also a Ukrainian
businessman, who holds a major indirect shareholding interest in the Company.

 

The Company is investigating this situation, and consulting with its legal and
other advisers, but the Company's legal analysis is that the restrictive
measures imposed are directed at the named individuals (and not any other
legal entities) and are applicable solely within Ukraine.

 

The restrictive measures are therefore not directed at the Company, which
continues its normal operations. The Company will continue to monitor the
situation and consult with its external legal advisers as to whether the
Decree could affect the Company.

 

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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