Enwell Energy (ENW)

Sector:

Energy Producers

13.18p
   
  • Change Today:
    -0.98p
  • 52 Week High: 31.00
  • 52 Week Low: 12.13
  • Currency: UK Pounds
  • Shares Issued: 320.64m
  • Volume: 88,796
  • Market Cap: £42.24m
  • RiskGrade: 306

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Higher gas prices help offset shut-ins for Ukraine's Enwell

By Josh White

Date: Wednesday 13 Apr 2022

LONDON (ShareCast) - (Sharecast News) - Ukraine-focussed oil and gas explorer and producer Enwell Energy updated the market on its operations on Wednesday, having partially restarted production in March amid Russia's invasion of the country.

The AIM-traded firm operates the Mekhediviska-Golotvshinska (MEX-GOL), Svyrydivske (SV) and Vasyschevskoye (VAS) gas and condensate fields, as well as the Svystunivsko-Chervonolutskyi (SC) exploration licence in Ukraine.

At the time of Russia's violent invasion on 24 February, Enwell shut-in and made safe its production and drilling operations at all of its fields.

On 11 March, having taken measures to ensure safe operations, the company started the partial restart of production operations at its MEX-GOL and SV fields.

Its board said it was continuing to exercise "caution" and "vigilance" in continuing partial production operations, and was "taking all available measures" to protect and safeguard its personnel and business.

Looking at first quarter production, Enwell reported a total of 2,570 barrels of oil equivalent per day for the three months ended 31 March, down from 4,576 barrels per day at the same time last year.

Those figures included the shut-in periods of its fields, with the MEX-GOL and SV fields producing for 76 days in the quarter, and the VAS field producing for 55 days.

Enwell said the disruption to operations and the shut-in of the fields during the quarter meant that volumes were materially lower, both compared with the first quarter of 2021, and the quarter immediately prior.

Additionally, drilling and remedial work on existing wells had been stopped until there was an improvement in the situation in Ukraine.

Notwithstanding the disruption to production, Enwell said the continuing high gas prices in Europe had fed through to Ukrainian gas prices, which benefited the sales prices it was achieving for its gas, as well as condensate and LPG.

Those continued high hydrocarbon prices had helped to offset the impact on revenues during the quarter due to the lower production volumes.

Operationally, Enwell confirmed that partial production operations were ongoing at the MEX-GOL and SV fields, where a proportion of the wells had been put on production, with the current rate standing at about 2,500 barrels of oil equivalent per day.

Other field operations, including the testing of the SV-29 development well, the drilling of the SV-31 development well and the workovers of the SV-2 and MEX-109 wells remained suspended.

In addition, construction work on the upgrades to the gas processing facilities at the MEX-GOL and SV fields was also suspended.

Drilling of the SC-4 appraisal well at the SC licence, and all field operations at the VAS field, had also been suspended.

"The situation in Ukraine is extremely challenging at present, but we continue to focus on taking all available measures to protect our business and ensure the safety and wellbeing of our personnel," said executive chairman Sergii Glazunov.

At 0809 BST, shares in Enwell Energy were down 0.04% at 24.49p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Enwell Energy Market Data

Currency UK Pounds
Share Price 13.18p
Change Today -0.98p
% Change -6.89 %
52 Week High 31.00
52 Week Low 12.13
Volume 88,796
Shares Issued 320.64m
Market Cap £42.24m
RiskGrade 306

Enwell Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.07% above the market average99.07% above the market average99.07% above the market average99.07% above the market average99.07% above the market average
97.37% above the sector average97.37% above the sector average97.37% above the sector average97.37% above the sector average97.37% above the sector average
Price Trend
30.06% below the market average30.06% below the market average30.06% below the market average30.06% below the market average30.06% below the market average
29.27% above the sector average29.27% above the sector average29.27% above the sector average29.27% above the sector average29.27% above the sector average
Income
64.44% above the market average64.44% above the market average64.44% above the market average64.44% above the market average64.44% above the market average
41.18% above the sector average41.18% above the sector average41.18% above the sector average41.18% above the sector average41.18% above the sector average
Growth
99.72% above the market average99.72% above the market average99.72% above the market average99.72% above the market average99.72% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

Enwell Energy Dividends

  Latest Previous
  Interim Interim
Ex-Div 01-Jun-23 n/a
Paid 15-Jun-23 n/a
Amount 15.00p 0.000¢

Trades for 28-Mar-2024

Time Volume / Share Price
16:12 3,718 @ 13.34p
16:03 375 @ 13.34p
15:50 83 @ 13.34p
15:32 9,571 @ 12.50p
15:32 429 @ 12.55p

Enwell Energy Key Personnel

Finance Director Bruce James Burrows

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