Enwell Energy (ENW)

Sector:

Energy Producers

19.28p
   
  • Change Today:
      0.25p
  • 52 Week High: 31.00
  • 52 Week Low: 12.13
  • Currency: UK Pounds
  • Shares Issued: 320.64m
  • Volume: 12,301
  • Market Cap: £61.80m
  • RiskGrade: 306

Enwell Energy agrees partial early payment for Arkona

By Josh White

Date: Friday 20 Aug 2021

LONDON (ShareCast) - (Sharecast News) - Oil and gas exploration and production company Enwell Energy updated the market on operations at the Svystunivsko-Chervonolutskyi (SC) exploration licence in north-eastern Ukraine on Friday, reporting that its first well at the licence, SC-4, had now been spudded.
The AIM-traded firm said the well, with a target depth of 5,565 metres, was primarily an appraisal well, targeting production from the V-22 horizon, as well as exploring the V-16 and V-21 horizons in the Visean formation.

Drilling operations were scheduled to be completed in mid-2022.

In addition, the company said it had agreed to a variation to the payment terms for the acquisition of Arkona Gas-Energy, which holds the SC Licence, and which it acquired in March 2020.

The firm acquired a 100% shareholding in Arkona for total consideration of up to $8.63m, comprising a first tranche of $4.32m on completion, a second tranche of $2.16m payable on satisfaction of certain conditions, which had now been satisfied, and a third tranche of $2.16m payable after 12 months from payment of the second tranche.

"The agreement for the acquisition contains representations, warranties and indemnities, which are customary for this type of transaction and entitle the company to defer consideration payments or seek recovery of previously-paid tranches of consideration in the event of a breach of the acquisition agreement," Enwell's board said in its statement.

"The second tranche of the consideration was paid in March, and consequently, the third tranche is payable in March 2022."

However, it said that in recognition of the progress made towards the start of exploration and appraisal of the SC licence, and the fact that the second tranche of the consideration became payable later than originally expected, the company and the vendors of Arkona had agreed to an early payment of 25% of the third tranche of the consideration, totalling $0.54m.

"Accordingly, a deed of variation to the acquisition agreement has been entered into by the company and such vendors to reflect this variation."

Email this article to a friend

or share it with one of these popular networks:


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 19.28p
Change Today 0.25p
% Change 1.31 %
52 Week High 31.00
52 Week Low 12.13
Volume 12,301
Shares Issued 320.64m
Market Cap £61.80m
RiskGrade 306

Enwell Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
98.54% above the market average98.54% above the market average98.54% above the market average98.54% above the market average98.54% above the market average
92.00% above the sector average92.00% above the sector average92.00% above the sector average92.00% above the sector average92.00% above the sector average
Price Trend
42.33% above the market average42.33% above the market average42.33% above the market average42.33% above the market average42.33% above the market average
77.50% above the sector average77.50% above the sector average77.50% above the sector average77.50% above the sector average77.50% above the sector average
Income
63.18% above the market average63.18% above the market average63.18% above the market average63.18% above the market average63.18% 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
99.86% above the market average99.86% above the market average99.86% above the market average99.86% above the market average99.86% 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 17-May-2024

Time Volume / Share Price
15:53 172 @ 18.65p
15:51 264 @ 18.50p
15:51 10,030 @ 19.80p
15:51 1,795 @ 19.60p
15:46 25 @ 19.60p

Enwell Energy Key Personnel

Finance Director Bruce James Burrows

Top of Page