13th Oct 2020 11:08
(Alliance News) - Enwell Energy PLC on Tuesday reported a rise in third quarter production volumes and said that it is in the process to bring online a new well at the Mekhediviska-Golotvshinska and Svyrydivske fields.
The Ukraine-focused oil and gas exploration and production group said production volumes have increased 19% year-on-year in the third quarter ended September 30.
Total production was at 4,629 barrels of oil equivalent per day, up from 3,889 barrels a year prior.
The Mekhediviska-Golotvshinska and Svyrydivske operations stole the show, increasing output to 4,049 barrels of oil equivalent per day from 3,058 barrels a year before.
The Vasyschevskoye operation's output decreased however to 580 barrels of oil equivalent per day from 831 barrels a year prior. This decline was put down to the VAS-10 well which saw a decline in production rates.
At the Mekhediviska-Golotvshinska and Svyrydivske fields, drilling of the SV-25 well continues, with the well having reached a depth of 4,875 metres - with a target depth of 5,320 metres.
Drilling operations are scheduled to be completed by the end of the first quarter of 2021 and production taken up during the second quarter of 2021, pending successful tests.
Chief Executive Sergii Glazunov said: "We are pleased with the continued progress with the development of our fields, where we are seeing strong production, albeit in a lower gas price environment than 2019. We are also pleased with progress in the drilling of the SV-25 well, which we hope will continue our success in the development of our fields.
"We are closely monitoring the unprecedented developments of the ongoing Covid-19 pandemic, and although we have not experienced any material impact on our operations so far, we have taken and will continue to take action to ensure the safety of our employees and local communities."
Enwell shares were up 9.5% at 16.07 pence each in London on Tuesday morning.
By Greg Roxburgh; [email protected]
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