Business
2020 Audited Results
2020 Audited Results.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0378U\n Enwell Energy PLC\n 31 March 2021\n \n \n \n \n 31 March 2021\n \n \n \n \n \n \n \n \n ENWELL ENERGY PLC\n \n \n \n \n \n 2020 AUDITED RESULTS\n \n \n \n \n \n Enwell Energy plc (the \"Company\", and with its subsidiaries, the \"Group\"), the AIM-quoted (ENW) oil and gas exploration and production group, today announces its audited results for the year ended 31 December 2020.\n \n \n \n \n \n \n \n \n 2020 Highlights\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Ukraine Operations\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n Aggregate average daily production of 4,541 boepd (2019: 4,263 boepd), an increase of approximately 6.5%\n \n \n \n \n \n \n •\n \n \n \n \n SV-54 development well successfully completed and brought on production in May 2020 \n \n \n \n \n \n \n •\n \n \n \n \n Drilling of SV-25 appraisal well successfully completed and hooked-up for production in Q1 2021 \n \n \n \n \n \n \n •\n \n \n \n \n MEX-GOL and SV production licences each extended to 2040 enabling full economic development of remaining reserves \n \n \n \n \n \n \n •\n \n \n \n \n No operational disruption to the Group's operations linked to the COVID-19 pandemic\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Financials\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n Revenue of $47.3 million (2019: $55.9 million), down 15% as a function of weakened gas prices in the year\n \n \n \n \n \n \n •\n \n \n \n \n Gross profit of $15.7 million (2019: $23.5 million), down 33%\n \n \n \n \n \n \n •\n \n \n \n \n Cash generated from operations of $23.8 million (2019: $24.7 million), remained steady, predominantly due to record production increasing non-cash DD&A\n \n \n \n \n \n \n •\n \n \n \n \n Net profit of $3.2 million (2019: $12.2 million)\n \n \n \n \n \n \n •\n \n \n \n \n Cash and cash equivalents were steady at $61.0 million at 31 December 2020 (2019: $62.5 million) \n \n \n \n \n \n \n •\n \n \n \n \n Average realised gas, condensate and LPG prices in Ukraine were lower, particularly gas prices, at $136/Mm3 (UAH3,618/Mm3), $46/bbl and $46/bbl respectively (2019: $219/Mm3 (UAH5,729/Mm3) gas, $58/bbl condensate and $55/bbl LPG) \n \n \n \n \n \n \n \n \n \n \n \n...