REG - Enwell Energy PLC - Update on Auditor, 2022 Annual Report and Accounts

Enwell EnergyAnnouncement

22/05/2023 07:00

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RNS Number : 1138A  Enwell Energy PLC  22 May 2023

22 May 2023

 

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

 

Update regarding Auditor

and 2022 Annual Report and Accounts

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, announces an update on its progress towards engaging a new
auditor following the resignation of the Company's previous auditor as
announced on 20 December 2022.

 

The Company has not yet been able to secure the services of a new auditor for
the UK component of the audit of its Annual Report and Financial Statements
for its financial year ended 31 December 2022 (the "2022 Annual Report and
Accounts"), but has agreed terms with the Ukrainian office of an international
accountancy firm to undertake the Ukrainian component of such audit process.
The Company is continuing to seek to identify and appoint an auditor in the UK
at the earliest opportunity and a further update will be made as appropriate.

 

As stipulated by Rule 19 of the AIM Rules for Companies, the Company is
required to publish its audited 2022 Annual Report and Accounts by 30 June
2023. However, in light of the length of time that would likely be required to
secure the services of a UK auditor, and for such auditor to then undertake
the audit of the Group's financial statements, it is highly unlikely to be
possible to complete, publish and post such accounts to shareholders by the
requisite 30 June 2023 deadline. Accordingly, assuming that this is the case,
trading in the Company's ordinary shares on AIM will be suspended with effect
from 7.30 a.m. on Monday, 3 July 2023 pending publication of the 2022 Annual
Report and Accounts. Suspension from trading would then be lifted with the
publication of the 2022 Annual Report and Accounts.

 

As disclosed in the Quarterly Operations Update of 28 April 2023, the Company
has cash resources of approximately $81.9 million in various currencies
outside Ukraine so its financial position is secure and the Board is
evaluating how best to maximise shareholder returns going forward.

 

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

 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

 

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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