Share Name Share Symbol Market Type Share ISIN Share Description
Enwell Energy Plc LSE:ENW London Ordinary Share GB0031775819 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 1.96% 26.00 24.80 26.00 25.00 24.80 24.80 36,204 16:35:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 42.2 16.4 2.9 9.2 83

Enwell Energy PLC Arkona Acquisition - Legal Dispute Update

11/02/2021 7:00am

UK Regulatory (RNS & others)

Enwell Energy (LSE:ENW)
Historical Stock Chart

From Jan 2021 to Jan 2022

Click Here for more Enwell Energy Charts.


RNS Number : 6933O

Enwell Energy PLC

11 February 2021

11 February 2021

Enwell Energy plc

("Enwell" or the "Company")

Arkona Acquisition - Legal Dispute Update - Supreme Court Appeal Result

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and production group, provides an update on the Ukrainian legal proceedings relating to the Svystunivsko-Chervonolutskyi exploration licence (the "Licence") in Ukraine, which is held by LLC Arkona Gas-Energy ("Arkona"), and which was acquired by Enwell in March 2020 (see announcement dated 24 March 2020) .

As announced on 3 July 2020, NJSC Ukrnafta ("Ukrnafta"), as claimant, brought legal proceedings against Arkona, as defendant, in which Ukrnafta claimed that irregular procedures were followed in the grant of the Licence to Arkona in May 2017. At the same time, Ukrnafta also brought these proceedings against the State Service of Geology and Subsoil of Ukraine ("SGS"). Ukrnafta was the holder of a previous licence over a part of this area which expired prior to the grant of the Licence. Both Arkona and SGS dispute these claims.

In July 2020, the First Instance Court in Ukraine announced a ruling in favour of Ukrnafta, and subsequently delivered its full decision and written judgement, which determined that the grant of the Licence was irregular, and accordingly, the Licence would be invalid.

In August 2020, Arkona filed an appeal of this decision in the Appellate Administrative Court in Kyiv, and on 29 September 2020, the Appellate Administrative Court ruled in favour of Arkona, overturning the earlier decision of the First Instance Court.

In November 2020, Ukrnafta filed a further appeal in the Supreme Court in Kyiv, appealing the ruling made by the Appellate Administrative Court on 29 September 2020. The Supreme Court has now considered this appeal and delivered its decision and written judgement, in which the Supreme Court ruled that the arguments raised by Ukrnafta in the appeal were not substantiated, and that the proceedings against Arkona should be dismissed. The written judgement is lengthy and consequently the Company's legal advisers are now reviewing the judgement reasoning in detail.

The decision of the Supreme Court represents the final appeal procedure in the Ukrainian Courts, and accordingly, these legal proceedings against Arkona have now been exhausted. As a consequence, the Licence remains valid.

The Company's announcements dated 24 March 2020, 3 July 2020, 31 July 2020, 30 September 2020 and 23 November 2020 provide additional information.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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 / Dan Gee-Summons (Corporate 
 Simon Johnson (Corporate Broking) 
 Citigate Dewe Rogerson                      Tel: 020 7638 9571 
 Elizabeth Kittle 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

February 11, 2021 02:00 ET (07:00 GMT)

1 Year Enwell Energy Chart

1 Year Enwell Energy Chart

1 Month Enwell Energy Chart

1 Month Enwell Energy Chart
ADVFN Advertorial
Your Recent History
Enwell Ene..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20220128 22:01:11