29th Jun 2022 12:22
Enwell Energy PLC - London-based oil and gas company - Pretax profit surges to USD66.6 million in 2021 from just USD6.5 million the previous year. Revenue multiplies to USD121.4 million from USD47.3 million. Average daily production in the year increases by 4.2% to 4,730 barrels of oil equivalent per day from 4,541 boepd. Cites significantly higher gas prices for revenue rise. Says Russia's invasion of Ukraine has had a currently unknown impact on the group business and operations, with field operations suspended from late February to mid-March. Adds the scale and duration of disruption remains uncertain. Notes that the 77% of its cash is outside Ukraine, however.
Chief Executive Sergii Glazunov says: "While 2021 was an extremely strong operational year for Enwell Energy, these achievements are entirely overshadowed by the ongoing military conflict in Ukraine... Although operations at our VAS field are currently suspended, we were able to restart production at our MEX-GOL and SV fields... We are also hoping to complete the drilling of the SC-4 well on our SC licence area in the near future."
Current stock price: 22.10 pence, up 5.2% in London on Wednesday
12-month change: down 11%
By Heather Rydings; [email protected]
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