TIDMENW

RNS Number : 1138A

Enwell Energy PLC

22 May 2023

22 May 2023

Enwell Energy plc

("Enwell" or the "Company")

Update regarding Auditor

and 2022 Annual Report and Accounts

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and production group, announces an update on its progress towards engaging a new auditor following the resignation of the Company's previous auditor as announced on 20 December 2022.

The Company has not yet been able to secure the services of a new auditor for the UK component of the audit of its Annual Report and Financial Statements for its financial year ended 31 December 2022 (the "2022 Annual Report and Accounts"), but has agreed terms with the Ukrainian office of an international accountancy firm to undertake the Ukrainian component of such audit process. The Company is continuing to seek to identify and appoint an auditor in the UK at the earliest opportunity and a further update will be made as appropriate.

As stipulated by Rule 19 of the AIM Rules for Companies, the Company is required to publish its audited 2022 Annual Report and Accounts by 30 June 2023. However, in light of the length of time that would likely be required to secure the services of a UK auditor, and for such auditor to then undertake the audit of the Group's financial statements, it is highly unlikely to be possible to complete, publish and post such accounts to shareholders by the requisite 30 June 2023 deadline. Accordingly, assuming that this is the case, trading in the Company's ordinary shares on AIM will be suspended with effect from 7.30 a.m. on Monday, 3 July 2023 pending publication of the 2022 Annual Report and Accounts. Suspension from trading would then be lifted with the publication of the 2022 Annual Report and Accounts.

As disclosed in the Quarterly Operations Update of 28 April 2023, the Company has cash resources of approximately $81.9 million in various currencies outside Ukraine so its financial position is secure and the Board is evaluating how best to maximise shareholder returns going forward.

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 
 
 Zeus Capital Limited                       Tel: 020 7614 
                                             5900 
 Alexandra Campbell-Harris (Corporate 
  Finance) 
 Simon Johnson (Corporate Broking) 
 
 Citigate Dewe Rogerson                     Tel: 020 7638 
                                             9571 
 Ellen Wilton 
 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

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

APPZZGZKGMGGFZZ

(END) Dow Jones Newswires

May 22, 2023 02:00 ET (06:00 GMT)

Enwell Energy (LSE:ENW)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Enwell Energy Charts.
Enwell Energy (LSE:ENW)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Enwell Energy Charts.