Enwell Energy PLC Arkona Acquisition - Legal Dispute Update (6933O)
February 11 2021 - 1:00AM
UK Regulatory
TIDMRPT
RNS Number : 6933O
Enwell Energy PLC
11 February 2021
11 February 2021
Enwell Energy plc
("Enwell" or the "Company")
Arkona Acquisition - Legal Dispute Update - Supreme Court 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"), and
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, brought legal proceedings against Arkona, as defendant,
in which Ukrnafta claimed that irregular procedures were followed
in the grant of the Licence to Arkona in May 2017. At the same
time, Ukrnafta also brought these proceedings against the State
Service of Geology and Subsoil of Ukraine ("SGS"). Ukrnafta was the
holder of a previous licence over a part of this area which expired
prior to the grant of the Licence. Both Arkona and SGS dispute
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.
In November 2020, Ukrnafta filed a further appeal in the Supreme
Court in Kyiv, appealing the ruling made by the Appellate
Administrative Court on 29 September 2020. The Supreme Court has
now considered this appeal and delivered its decision and written
judgement, in which the Supreme Court ruled that the arguments
raised by Ukrnafta in the appeal were not substantiated, and that
the proceedings against Arkona should be dismissed. The written
judgement is lengthy and consequently the Company's legal advisers
are now reviewing the judgement reasoning in detail.
The decision of the Supreme Court represents the final appeal
procedure in the Ukrainian Courts, and accordingly, these legal
proceedings against Arkona have now been exhausted. As a
consequence, the Licence remains valid.
The Company's announcements dated 24 March 2020, 3 July 2020, 31
July 2020, 30 September 2020 and 23 November 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 / Matthew Chandler
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
Elizabeth Kittle
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END
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