Enwell Energy Ukraine facilities hit by Russian military drones, shares slide

(Sharecast News) - Shares in Enwell Energy tumbled on Monday after the AIM-listed oil and gas exploration and production company said gas processing facilities at its Vasyschevskoye (VAS) gas and condensate field in Ukraine were attacked by Russian military drones. The facilities were hit by several military drones on 18 December, which resulted in significant damage.

The facilities had been mothballed since the reinstatement of the suspension of the VAS production licence on 27 February 2025, and consequently there were no active field operations at the field. Only security staff were on site and there were no casualties.

Enwell said it was taking "all necessary actions, and working closely with the Ukrainian emergency services and police, to ensure that the site is safe".

The emergency services have completed their inspection of the site for unexploded ordnance, and Enwell has begun assessing the damage so it can prepare for the repair and restoration of the facilities.

Chief executive Oleksiy Zayets said: "This is an extremely concerning and upsetting situation, with current indications of extensive damage to the gas processing facilities, but, we are, nevertheless, very relieved that there were no casualties among our staff on site."

Further information will be provided once it has been possible to conduct a detailed assessment of the site, Enwell said.

At 1150 GMT, the shares were down 31% at 14.50p.