[ADVERT]
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
  0.05 0.12% 41.00 41.60 41.70 41.00 41.00 41.00 17,614 16:35:22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 42.2 16.4 2.9 14.9 131

Enwell Energy PLC SC Licence Update

20/08/2021 7:00am

UK Regulatory (RNS & others)


Enwell Energy (LSE:ENW)
Historical Stock Chart


From Jul 2021 to Oct 2021

Click Here for more Enwell Energy Charts.

TIDMRPT

RNS Number : 2406J

Enwell Energy PLC

20 August 2021

20 August 2021

Enwell Energy plc

("Enwell" or the "Company")

SC Licence Update

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and production group, is pleased to announce an update on its operations at the Svystunivsko-Chervonolutskyi exploration licence (the "SC Licence").

The Company's first well at the SC Licence, SC-4, has now been spudded. This well, which has a target depth of 5,565 metres, is primarily an appraisal well, targeting production from the V-22 horizon, as well as exploring the V-16 and V-21 horizons, in the Visean formation. Drilling operations are scheduled to be completed in mid-2022.

In addition, the Company has agreed a variation to the payment terms for the acquisition of LLC Arkona Gas-Energy ("Arkona"), which holds the SC Licence, and which was acquired by the Company in March 2020 (see announcement dated 24 March 2020) . The Company acquired a 100% shareholding interest in Arkona for aggregate consideration of up to $8,630,000, comprising: (i) a first tranche of $4,315,000 (less certain adjustments for debt liabilities) paid on completion; (ii) a second tranche of $2,157,500 payable on satisfaction of certain conditions, which have now been satisfied; and (iii) a third tranche of $2,157,500 payable after 12 months from the date of payment of the second tranche. The agreement for the a cquisition (the "Acquisition Agreement") contains representations, warranties and indemnities, which are customary for this type of transaction and entitle the Company to defer consideration payments and/or seek recovery of previously paid tranches of consideration in the event of a breach of the Acquisition Agreement. T he second tranche of the consideration was paid in March 2021, and consequently, the third tranche is payable in March 2022. However, in recognition of the progress that has been made towards the commencement of exploration and appraisal of the SC Licence and the fact that the second tranche of the consideration became payable later than originally expected, the Company and the vendors of Arkona have agreed to an early payment of 25% of the third tranche of the consideration, totalling $539,375, at this time, rather than in March 2022. Accordingly a Deed of Variation to the Acquisition Agreement has been entered into by the Company and such vendors to reflect this variation.

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.

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 / Elliot Mustoe (Corporate 
  Finance) 
 Simon Johnson (Corporate Broking) 
 
 Citigate Dewe Rogerson                     Tel: 020 7638 9571 
 Elizabeth Kittle 
 

Dmitry Sazonenko, MSc Geology, MSc Petroleum Engineering, Member of AAPG, SPE and EAGE, Director of the Company, has reviewed and approved the technical information contained within this press release in his capacity as a qualified person, as required under the AIM Rules.

 
 Definitions 
 %   per cent 
 $   US Dollars 
 

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

UPDDKLFFFVLXBBZ

(END) Dow Jones Newswires

August 20, 2021 02:00 ET (06:00 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
LSE
ENW
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:20211024 12:37:14