The court dismissed the claim of Ukrnafta

The court of Appeal overturned the decision of the court of First Instance to invalidate the license for the production of hydrocarbons of Arcona Gaz-Energia, which was recently acquired by Enwell Energy. This is reported by the press service of Smart Energy.

According to the report, the company appealed to the Court of Appeal in order to cancel the July decision of the District Administrative Court of Kyiv on the claim of Ukrnafta to invalidate the license of Arcona for the production of hydrocarbons at the Svistunkivsko-Chervonolutske field.

This decision of the Court of Appeal confirms the legitimacy of the position of Arcona and its new owner, the British Enwell Energy, and also makes it possible to revive the Svistunkivsko-Chervonolutske field, which has not been producing hydrocarbons for more than a decade.

“We welcome the decision of the Sixth Court of Appeal. This is not only an opportunity for us to continue preparing for drilling the first well in the field in a quarter of a century, but also a positive signal for foreign investors about the possibility of investing in the Ukrainian economy and the tendency to reduce investment risks here,” commented Serhiy Glazunov, CEO of Smart Energy Group and Enwell Energy.

Recall that the British public company Enwell Energy received permission to produce hydrocarbons at the Svistunkivsko-Chervonolutske field through the acquisition of Arcona Gaz-Energia LLC in March this year. The company expects to start drilling the first well at the field by the end of 2020.

17:30 / 29 September, 2020

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