Enwell Energy increased its average daily production rate by 19% in Q3 2020

British Company Enwell Energy plc, a part of Smart Energy, for Q3, 2020 has increased its average daily production rate of hydrocarbons approximately by 19% in comparison with the same period of 2019, reports the official announcement by Enwell Energy at the AIM Market of the London Stock Exchange.

As the Press Office of the company admitted, the launching of the well # 54 at Svyrydivske field in May 2020 has become the significant boost for the joint production growth. However, a decline in production rates from the well #10 at Vasyshchivske field affected overall production at the field in 2020. Consequently, during Q1 2020, the compression equipment has been installed in order to stabilise production from the well. Moreover, during Q1 2021, the company are to perform major repairs of the well to access an alternative reservoir horizon.

Moreover, Enwell Energy continues drilling the well #25 on Svyrydivske field. At the current point, the depth of the well has reached approximately 4,875 metres. Its target depth is 5,320 metres, with drilling operations to be completed by the end of the first quarter of 2021. At Vasyshchivske field, it is planned to continue for a new well to explore the opportunities of the Vvdenska within the licence area.

As it was reported earlier, on March 24, 2020, the company has acquired the entire issued share capital of LLC Arkona Gas-Energy, which holds Svystunkivsko-Chervonolutske exploration licence. Nevertheless, the previous license holder, PJSC Ukrnafta, filed the claim to the court, stating that irregular procedures were followed in the grant of the licence to Arkona. In early July 2020, the First Instance Court in Ukraine made a ruling in favour of Ukrnafta, admitting that the grant of the Licence was irregular. Meanwhile, on September 29, 2020, the Appellate Administrative Court carried out its decision in favour of Arkona, overturning the earlier decision of the First Instance Court.

As of September 30, 2020, the company’s cash resources were approximately $55.7 million, comprised of $15.8 million equivalent in Ukrainian Hryvnia and the balance of $39.9 million equivalent in a combination of US Dollars, Pounds Sterling and Euros.

Enwell Energy continues to monitor the evolving situation relating to the COVID-19 pandemic, and to take any steps necessary in order to protect its staff and operations. However, as of the date hereof, there has been no operational disruption linked to the COVID-19 pandemic, and no material impact is currently envisaged on the prospects. Nevertheless, Enwell Energy remains acutely aware of the risks, and is taking action to mitigate them as much as possible, with the prioritising the safety of individuals and communities.

ExPro Reference

Enwell Energy plc (ex-Regal Petroleum plc) is a British AIM-quoted public company, holds 100% of the working interests in the companies that operate in Ukraine: Regal Petroleum Corporation Limited (the Representative Office is registered in Ukraine) and Arkona Gas-Energy LLC that are operating in Poltava region as well as Prom-Energo Produkt LLC, working in Kharkiv region. The companies own special license for production of hydrocarbons and are part Smart Energy Group.

Whereas, Smart Energy Group is a part of Smart-Holding, in charge of implementing exploration projects and commercial development of the hydrocarbon deposits. I

n addition, the assets of Regal Petroleum, Oil & Gas business block of Smart Energy performs the gas producing by Ukrgazvydobutok (Kharkiv region).

17:38 / 13 October, 2020

Upcoming events
08:00 / 26 September, 2019
ODESA OFFSHORE CONFERENCE-2019 Ukraine has every chance to resume the work of the most promising oil and gas region, the Southern oil&gas fields. The untapped deposits of oil and gas are located both onshore and subsea. Four companies have already poised to conclude Production Sharing Agreements with Ukraine, whilst bidding for the Dolphin oil&gas fields on Black Sea shelf. The Odesa Offshore Conference (OOC2019) will serve as a venue for Ukrainian and international bidders to meet with local and international drilling, oilfield service and equipment manufacturers to kick-off emerging subsea and onshore projects in Ukraine.
12:00 / 13 June, 2019
08:00 / 23 May, 2019
Carpathian Oil&Gas Conference-2019 The development of oil&gas industry, introduction and implementation of new E&P technologies, stimulation, workovers &recovery of oil&gas wells will be among upstream focal points of the FIRST DAY of COGC2019 - 23 May. The SECOND DAY of Conference will be devoted to midstream, downstream, and trade in hydrocarbons, to spotlight the nowadays dynamics and robust changes in the Ukrainian oil&gas market. The Ukrainian Gas Market day of 24 May 2019 will become a marketplace venue for natural gas traders and natural gas transmission & distribution companies to meet and discuss prospective deals in the UAH 200 billion natural gas market of Ukraine.
Carpathian Oil&Gas Conference-2019
All events