Business
Suspension of VAS and SC Licences
Suspension of VAS and SC Licences.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n\n\n \n4 May 2023\n \nEnwell Energy plc (\"Enwell\" or the \"Company\")\n \nSuspension of VAS and SC Licences\n \nEnwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and production group, advises that the State Geologic and Subsoil Survey of Ukraine (the \"SGSS\") has today issued orders to suspend the Company's Vasyschevskoye (\"VAS\") production licence and Svystunivsko-Chervonolutskyi (\"SC\") exploration licence in Ukraine.\n \nAs announced earlier today, the Ministry of Justice of Ukraine made Orders (the \"MoJ Orders\") on 2 May 2023 cancelling the registration entry made on behalf of three Ukrainian subsidiaries of the Company named LLC Prom-Enerho Produkt, LLC Arkona Gas-Energy and LLC Well Investum respectively in the Unified State Register of Legal Entities, Individuals-entrepreneurs and Civil Institutions of Ukraine (the \"State Register\") relating to the ultimate beneficial owners of such companies. The registration entry for each of these companies stated the ultimate beneficial owners to be the beneficial owners of the indirect majority shareholder of the Company as notified to the Company and published to the market on 26 January 2023, but the MoJ Orders removed each such registration entry and restored the previous entry in the State Register, Vadym Novynskyi. As announced on 26 January 2023, the Company was notified that Vadym Novynskyi ceased holding a beneficial interest in the indirect majority shareholder of the Company on 1 December 2022. LLC Prom-Enerho Produkt holds the VAS production licence, LLC Arkona Gas-Energy holds the SC exploration licence and LLC Well Investum is a dormant company.\n \nUnder recent legislation, specifically Law No. 2805-IX, which came into force on 28 March 2023 (see the Company's announcements dated 4 January 2023 and 28 April 2023), the SGSS has legislative powers to suspend and/or revoke hydrocarbon licences of which the ultimate beneficial owner is the subject of Ukrainian Government sanctions. As announced on 9 December 2022, the Ukrainian Government imposed sanctions on Vadym Novynskyi, who previously held a major indirect shareholding interest in the Company, but ceased to do so on 1 December 2022 as referred to above. However, following the issuance of the MoJ Orders, Vadym Novynskyi is now registered in the Stat...