UK's Enwell Energy slumps to near 3-year low on potential hit to Ukrainian licences

Enwell Energy

04/01/2023 09:17

** Shares of Enwell Energy Plc  ENWE.L  sink as much as 45%
to 9p, their lowest since March 2020
    ** The AIM-listed oil and gas explorer says a new
legislation in Ukraine on natural resources sector may adversely
affect co's hydrocarbon extraction licences there
    ** Co says new legislation, which will come into effect on
March 28, includes provisions that authorities may suspend or
revoke licence if beneficial owner of a mineral or hydrocarbon
permit comes under Ukrainian sanctions
    ** ENWE says it is checking whether its hydrocarbon licences
would be impacted by new law, after sanctions were slapped on
Ukrainian businessman Vadym Novynskyi, who holds a major
indirect shareholding in co 
    ** Stock on track to post its worst day ever if losses hold
    ** Shares had fallen about 40% in 2022
 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))