REG - Enwell Energy PLC - Suspension of MEX-GOL, SV and VAS Licences

Enwell EnergyAnnouncement

18/11/2024 13:45

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RNS Number : 6582M  Enwell Energy PLC  18 November 2024

18 November 2024

 

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

 

Suspension of MEX-GOL, SV and VAS Licences

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, advises that the State Geologic and Subsoil Survey of
Ukraine (the "SGSS") has issued orders dated 15 November 2024 to suspend the
Company's Mekhediviska-Golotvshinska ("MEX-GOL"), Svyrydivske ("SV") and
Vasyschevskoye ("VAS") production licences in Ukraine.

 

Under Ukrainian legislation, specifically Law No. 2805-IX, the SGSS has
legislative powers to suspend and/or revoke hydrocarbon licences where the
ultimate beneficial owner is the subject of Ukrainian Government sanctions.

 

As announced on 11 October 2024, a Decree of the President of Ukraine numbered
698/2024 and dated 8 October 2024 (the "Decree"), made pursuant to a
resolution of the National Security and Defence Council of Ukraine dated 8
October 2024, entitled "On 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,
inter alia, Proteas Trustee Services Limited and Proteas Trustees Limited (as
well their respective shareholders Andreas Sophocleous and Konstantina
Alkiviadous), Elena Iona and Afrodite Loukaidou, who are trustees of Cypriot
trusts (the "Trustees") that hold a major indirect shareholding interest in
the Company.

 

Under Ukrainian legislation, the Company's subsidiary companies which own its
production licences in Ukraine, namely Regal Petroleum Corporation Limited in
the case of the MEX-GOL and SV production licences and LLC Prom-Enerho Produkt
in the case of the VAS production licence, are required to register their
respective ultimate beneficial owners in the Unified State Register of Legal
Entities, Individuals-entrepreneurs and Civil Institutions of Ukraine (the
"State Register"). The registration entries for each of these companies states
that their ultimate beneficial owners are the Trustees, based on the
notifications made by the Trustees to the Company and published to the market
on 26 January 2023, 31 July 2023 and 20 March 2024.

 

As a consequence of such registrations in the State Register, the SGSS
recognises the Trustees as the ultimate beneficial owners of the MEX-GOL, SV
and VAS production licences. As a result, the SGSS issued suspension orders
dated 15 November 2024 in respect of each of the MEX-GOL, SV and VAS
production licences for a period of 10 years effective from 8 October 2024
(being the date of the Decree). Accordingly, the Company has ceased all field
operations on each of these licences, including shutting down production
operations.

 

The Company is consulting with its external legal and other advisers in
relation to the suspension orders in order to protect its assets, and further
information will be announced in due course.

 

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
 Ellen Wilton / Alex Winch

 

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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