RNS Number : 8407K

Enwell Energy PLC

07 January 2021

7 January 2021

Enwell Energy plc

("Enwell" or the "Company")

Reduction of Capital Circular and Notice of General Meeting

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and production group, announces that a circular (the "Circular") to shareholders in connection with a proposed reduction of capital by the Company (the "Reduction of Capital"), including a Notice of General Meeting, will be posted to shareholders later today.

The General Meeting is to be held at 11.00 a.m. on 28 January 2021 at the Company's offices at 16 Old Queen Street, London SW1H 9HP. A copy of the Circular and Notice of General Meeting will shortly be available on the Company's website at www.enwell-energy.com .

The Circular sets out a proposal for the entire share premium account of the Company to be cancelled. The effect of the proposed Reduction of Capital, if approved by shareholders at the General Meeting , will be to create distributable reserves of the Company. This would permit the Company to make distributions to its shareholders in the future, subject to the Company's financial performance. However, in seeking approval of the proposed Reduction of Capital, the Company is not indicating any commitment to, and does not have any current intention to, make any distributions to shareholders.

The proposed Reduction of Capital is conditional upon the passing of the special resolution set out in the Notice of General Meeting by the Company's shareholders, as well as approval being obtained from the High Court of Justice of England and Wales (the " Court ").

The anticipated timetable of the proposed Reduction of Capital is as follows:-

   Date of publication of the Circular             7 January 2021 
 Latest time and date for receipt        11.00 a.m. on 26 January 
  of completed Forms of Proxy                                2021 
 General Meeting                         11.00 a.m. on 28 January 
 Expected Court Hearing to confirm               23 February 2021 
  Reduction of Capital 
 Expected registration of Court Order     on or about 24 February 
  and effective date of Reduction of                         2021 

The proposed Reduction of Capital itself will not involve any distribution or repayment of capital or share premium by the Company and will not reduce the underlying net assets of the Company. Following the implementation of the proposed Reduction of Capital there will be no change to the number of ordinary shares of the Company in issue or to the rights attaching to such ordinary shares.

As a result of the ongoing COVID-19 pandemic and the measures that the UK Government has put in place, it is not possible to hold an open General Meeting with shareholders in attendance and accordingly this General Meeting will be run as a closed meeting. It will not be possible for shareholders to attend this General Meeting and the Company will not be able to grant entry to anyone seeking to attend this General Meeting in person.

The Company will convene this General Meeting with only the minimum quorum under its Articles of Association of two shareholders, and the General Meeting will comprise only the formal vote for the resolution set out in the Notice of General Meeting. Voting on this resolution shall be taken by way of a poll in order to accurately reflect the views of shareholders.

Shareholders are strongly encouraged to vote via completion of a Form of Proxy or by using the CREST electronic appointment service (as applicable) to ensure that their votes are counted. Full details are set out in the Notice of General Meeting, including instructions on how to submit a Form of Proxy.

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 

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January 07, 2021 02:00 ET (07:00 GMT)

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