Enwell Energy PLC Arkona Acquisition - Legal Dispute Update (1897G)
November 23 2020 - 5:40AM
UK Regulatory
TIDMRPT
RNS Number : 1897G
Enwell Energy PLC
23 November 2020
23 November 2020
Enwell Energy plc
("Enwell" or the "Company")
Arkona Acquisition - Legal Dispute Update - Further Appeal
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 ("Ukrnafta"), as
claimant, has brought legal proceedings against Arkona, as
defendant, in which Ukrnafta has made claims asserting that
irregular procedures were followed in the grant of the Licence to
Arkona in May 2017. 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 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.
Ukrnafta has filed a further appeal in the Supreme Court in
Kyiv, appealing the ruling made by the Appellate Administrative
Court on 29 September 2020, which further appeal has now been
accepted for consideration by the Supreme Court. This appeal will
be heard by the Supreme Court in due course, and pending the
hearing of this appeal, the Licence remains valid.
The Company's announcements dated 24 March 2020, 3 July 2020, 31
July 2020 and 30 September 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 / 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
MSCPPGRWGUPUGGW
(END) Dow Jones Newswires
November 23, 2020 06:40 ET (11:40 GMT)
Enwell Energy (LSE:ENW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Enwell Energy (LSE:ENW)
Historical Stock Chart
From Apr 2023 to Apr 2024