30th Sep 2020 17:56
Enwell Energy PLC - oil & gas exploration and production company - Says Appellate Administrative Court in Ukraine ruled in favour of Arkona Gas-Energy, overturning an earlier decision from the First Instance Court. Enwell bought Arkona in March.
NJSC Ukrnafta brought legal proceedings against Arkona in July. Ukrnafta claimed that "irregular procedures" were followed in the grant of the Svystunivsko-Chervonolutskyi exploration licence to Arkona in 2017, and the First Instance Court in Ukraine ruled in favour of Ukrnafta. However, Arkona - which disputes the claims - filed an appeal in early August, which it has now won.
"The full decision and written judgement have not yet been delivered by the court and will follow in due course, and if appropriate, a further announcement will be made," says Enwell.
Current stock price: 14.80 pence
Year-to-date change: down 30%
By Lucy Heming;Â [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Enwell Energy