Ukraine court re-suspends Enwell's VAS licence

(Sharecast News) - Enwell Energy announced the reinstatement of the suspension of its Vasyschevskoye (VAS) production licence in Ukraine on Thursday, following a ruling by the Second Appeal Administrative Court. The AIM-traded firm said the decision reversed an earlier interim ruling by the Poltava District Administrative Court that had lifted the suspension, forcing the company to halt all operations at the field.

It said the suspension was part of broader regulatory action by Ukraine's State Geologic and Subsoil Survey (SGSS), which issued 10-year suspension orders on 15 November for Enwell's MEX-GOL, SV, and VAS production licences, effective from 8 October.

While the company initially secured interim rulings allowing it to continue operations, the SGSS successfully appealed the decisions.

The suspension orders for the MEX-GOL and SV licences were reinstated on 22 January, and the latest court ruling now extends the suspension to the VAS licence.

Enwell said it was continuing its legal challenge against the suspension orders and was exploring further interim measures to restore operations.

The company said it was consulting with external legal and regulatory advisers to assess its options and mitigate the risks associated with the Ukrainian authorities' actions.

At 1232 GMT, shares in Enwell Energy were up 5% at 21p.

Reporting by Josh White for Sharecast.com.