Enwell Energy confident as production licences remain suspended

(Sharecast News) - Enwell Energy said on Tuesday that there was no production from its MEX-GOL, SV and VAS fields in Ukraine during the second quarter, with the production licences still suspended. The AIM-traded company said planning continued at its SC exploration licence, including for the SC-5 well and new processing infrastructure, while temporary equipment was being installed to allow gas and condensate from the SC-4 well to be processed and sold.

Cash stood at about $89.7m at 30 June.

Chief executive Oleksiy Zayets said the licence suspensions remained "a persistent and significant challenge", but added that Enwell was encouraged by progress at SC, which would enable "the re-commencement of some production."

At 0846 BST, shares in Enwell Energy were up 1.96% at 13p.

Reporting by Josh White for Sharecast.com.

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