Enwell Energy PLC, an AIM-quoted oil and gas exploration and production group, has released its Quarterly Operations Update. The report focuses on the company's operational activities in Ukraine, specifically the Mekhediviska-Golotvshinska ("MEX-GOL"), Svyrydivske ("SV"), and Vasyschevskoye ("VAS") gas and condensate fields, as well as the Svystunivsko-Chervonolutskyi ("SC") exploration license.
The average daily production of gas, condensate, and LPG from the MEX-GOL, SV, and VAS fields during Q1 2024 is detailed, showing a decrease compared to Q1 2023. The ongoing war in Ukraine and adverse regulatory actions have caused disruptions and negatively impacted the company's operations, particularly the loss of production from the VAS field.
Production operations are continuing at the MEX-GOL and SV fields, with an aggregate production rate of approximately 2,120 boepd. However, disruptions to the supply of equipment, fuel, and electricity have caused delays. Operations at the VAS field and SC exploration license area remain suspended following the orders made by the Ukrainian authorities in May 2023.
As of March 31, 2024, the company's cash resources were approximately $86.2 million, with a significant portion in Ukrainian Hryvnia. The report also highlights recent changes to the senior management and Board of Directors, including the appointment of an interim Chief Executive Officer.
Oleksiy Zayets, Interim CEO, expressed the challenges faced due to the war and regulatory actions in Ukraine. The company is consulting with legal advisers to protect its assets and business and hopes to challenge the regulatory actions in due course.
The announcement contains inside information and has been reviewed and approved by a qualified person. The company's contact information for further inquiries is also provided.