Enwell Energy PLC Extension of SV Production Licence (9021J)
December 29 2020 - 1:00AM
UK Regulatory
TIDMRPT
RNS Number : 9021J
Enwell Energy PLC
29 December 2020
29 December 2020
Enwell Energy plc
("Enwell" or the "Company")
Extension of SV Production Licence
Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas
exploration and production group, is pleased to announce the grant
of an extension of its Svyrydivske (SV) production licence in
north-eastern Ukraine.
The SV production licence was granted in July 2004, for a
duration of 20 years, and covers an area of approximately 127 km(2)
. The Company has a 100% working interest in, and is operator of,
the licence, which is adjacent to the Mekhediviska-Golotvshinska
(MEX-GOL) production licence. The Company produces gas, condensate
and LPG from these fields.
In order to facilitate the development of the SV field over the
majority of its anticipated economic life, which is assessed to be
until 2042 based on the reserves assessment undertaken by DeGolyer
and MacNaughton as at 31 December 2017 (see announcement dated 31
July 2018), the Company applied to extend the SV licence. On 24
December 2020, an extension of the licence was granted for a period
of 20 years. A further renewal can be applied for at the end of
this period.
Sergii Glazunov, Chief Executive Officer, said : "We are
delighted to have secured the extension of our SV production
licence, which is consistent with our strategic planning and
enables us to continue the development of this field."
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
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
km(2) square kilometres
LPG liquefied petroleum gas
% per cent
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END
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