Business
2023 Audited Results
2023 Audited Results.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n\n21 June 2024\n \n \nENWELL ENERGY PLC\n \n2023 AUDITED RESULTS\n \nEnwell Energy plc (\"Enwell Energy\" or the \"Company\", and together with its subsidiaries, the \"Group\"), the AIM-quoted (AIM: ENW) oil and gas exploration and production group, today announces its audited results for the year ended 31 December 2023.\n \n2023 Highlights\n \nOperational\n \n\n\n\n\n•\n\n\nAggregate average daily production of 2,644 boepd (calculated on the days when the Group's fields were actually in production) (2022: 2,956 boepd (calculated on the days when the Group's fields were actually in production))\n\n\n\n\n•\n\n\nAggregate production volumes for the year of 885,610 boe (not adjusted for days when the Group's fields were off production) (2022: 965,730 boe (not adjusted for days when the Group's fields were off production)\n\n\n\n\n•\n\n\nGOL-107 development well completed in Q4 2023 and is undergoing long-term test production\n\n\n\n\n \nFinancial\n \n\n\n\n\n•\n\n\nRevenue of $62.2 million (2022: $133.4 million), down 53%, primarily as a result of lower production rates and gas prices\n\n\n\n\n•\n\n\nGross profit of $39.0 million (2022: $85.9 million), down 55%\n\n\n\n\n•\n\n\nOperating profit of $35.5 million (2022: $75.8 million), down 53%, predominantly as a result of lower production rates and gas prices\n\n\n\n\n•\n\n\nNet profit of $26.5 million (2022: $60.2 million), down 56%\n\n\n\n\n•\n\n\nCash and cash equivalents of $76.5 million as at 31 December 2023 (2022: $88.7 million), and of $91.0 million as at 27 May 2024\n\n\n\n\n•\n\n\nAverage realised gas, condensate and LPG prices in Ukraine were lower at $394/Mm3 (UAH14,426/Mm3), $71/bbl and $98/boe respectively (2022: $960/Mm3 (UAH30,341/Mm3) gas, $73/bbl condensate and $143/boe LPG)\n\n\n\n\n•\n\n\nInterim dividend of 15 pence per ordinary share, £48.1 million in aggregate, paid in June 2023 (2022: nil)\n\n\n\n\n \nOutlook\n \n\n\n\n\n•\n\n\nThe Russian invasion of Ukraine in February 2022 has had a significant impact on all aspects of life in Ukraine, including the Group's business and operations. The scale and duration of disruption to the Group's business continues to be difficult to predict, and there remains significant uncertainty about the outcome of the war in Ukraine\n\n\n\n\n•\n\n\nIn April and May 2023, th...