Enwell Energy licences re-suspended by Ukraine court

(Sharecast News) - Enwell Energy announced on Thursday that a Ukrainian court has reinstated the suspension of its Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) production licences. The AIM-traded firm said the move followed a recent court decision that overturned interim rulings that had lifted the suspensions.

It said the suspensions, issued by the State Geologic and Subsoil Survey of Ukraine in November, prohibited Enwell from operating on the licences for 10 years.

The company had initiated legal proceedings to challenge the suspensions, and was consulting with legal advisors to mitigate the risks associated with the regulatory action.

While the suspension of the VAS licence remained temporarily lifted, the firm said it had ceased all field operations on the MEX-GOL and SV licences, including shutting down production.

Enwell said it would continue to pursue legal avenues to challenge the suspensions and protect its interests in Ukraine.

At 1411 GMT, shares in Enwell Energy were down 28.46% at 16.81p.

Reporting by Josh White for Sharecast.com.