REG - Enwell Energy PLC - Results of SC-4 Well

Enwell EnergyAnnouncement

31/10/2022 07:00

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RNS Number : 5737E  Enwell Energy PLC  31 October 2022

31 October 2022

 

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

 

Results of SC-4 Well

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, is pleased to announce results from the SC-4 well at its
Svystunivsko-Chervonolutskyi exploration licence (the "SC Licence") in
Ukraine.

 

The SC-4 well is the Company's first well on the SC Licence and is primarily
an appraisal well, targeting production from the V-22 horizon in the Visean
formation. The well was spudded in August 2021, and, after a period of
suspension due to the conflict in Ukraine, was drilled to its final depth of
5,585 metres. Three intervals, at drilled depths of 5,530 - 5,533 metres,
5,483 - 5,486 metres and 5,416 - 5,419 metres, within the V-22 Visean
formation, were perforated and underwent initial testing. The two former
intervals flowed gas, but not at a sustained rate. However, the latter
interval, which was the primary target for the well, demonstrated strong
productivity and stabilised flows. Accordingly, this interval underwent more
extensive testing, using a variety of choke sizes, and produced at a
stabilised flow rate of approximately 3 MMscf/d of gas and 3 bbl/d of
condensate (535 boepd in aggregate). The well will now be suspended for future
production.

 

As announced in August 2021, the well was intended to also explore the
shallower V-16 and V-21 Visean horizons. However, as the primary target of the
well in the V-22 formation produced a stabilised flow, testing of these
shallower horizons was not considered necessary at the present stage of
development as it is intended that the V-22 horizon will be put on production
once surface facilities are completed.

 

With the strong results from this well, the Group intends to continue its
planning for the development of the SC Licence, which will include the
installation of flow lines, gas processing facilities and other production
infrastructure, as well as the drilling of further wells.

 

Sergii Glazunov, Chief Executive Officer, said: "We are extremely pleased with
the results of the SC-4 well, which was drilled safely and successfully. 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
demonstrate the potential of this licence area, which we plan to develop as
circumstances permit."

 

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 (Corporate Finance)
 Simon Johnson (Corporate Broking)

 Citigate Dewe Rogerson                    Tel: 020 7638 9571
 Ellen Wilton

 

 

Dr Gehrig Schultz, BSc Geophysical Engineering, PhD Geophysics, Member of the
European Association of Geophysical Engineers, Member of the Executive
Coordinating Committee of the Continental European Energy Council, and a
Director of the Company, has reviewed and approved the technical information
contained within this announcement in his capacity as a qualified person, as
required under the AIM Rules for Companies.

 

 

 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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