TIDMRPT

RNS Number : 5038A

Enwell Energy PLC

30 September 2020

30 September 2020

Enwell Energy plc

("Enwell" or the "Company")

Arkona Acquisition - Legal Dispute Update - 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"), which was acquired by Enwell in March 2020 (see announcement dated 24 March 2020) .

As announced on 3 July 2020, NJSC Ukrnafta, as claimant, has brought legal proceedings against Arkona, as defendant, in which NJSC Ukrnafta has made claims asserting that irregular procedures were followed in the grant of the Licence to Arkona in May 2017. NJSC Ukrnafta was the holder of a previous licence over this area which expired prior to the grant of the Licence. Arkona disputes these claims.

In early July 2020, the First Instance Court in Ukraine announced a ruling in favour of NJSC 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. However, in early August 2020, Arkona filed an appeal of this decision in the Appellate Administrative Court in Kyiv, and pending the hearing of this appeal, the Licence remained valid.

A hearing of this appeal was held yesterday afternoon, and the Appellate Administrative Court ruled in favour of Arkona, overturning the earlier decision of the First Instance Court. The full decision and written judgement have not yet been delivered by the Court and will follow in due course, and if appropriate, a further announcement will be made.

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 / Richard Tulloch 
 
 Arden Partners plc                          Tel: 020 7614 5900 
 Ruari McGirr / Dan Gee-Summons (Corporate 
  Finance) 
 Simon Johnson (Corporate Broking) 
 
 Citigate Dewe Rogerson                      Tel: 020 7638 9571 
 Louise Mason-Rutherford / 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

MSCPPURUBUPUGRB

(END) Dow Jones Newswires

September 30, 2020 02:00 ET (06:00 GMT)

Enwell Energy (LSE:ENW)
Historical Stock Chart
From Jan 2025 to Feb 2025 Click Here for more Enwell Energy Charts.
Enwell Energy (LSE:ENW)
Historical Stock Chart
From Feb 2024 to Feb 2025 Click Here for more Enwell Energy Charts.