Business
Q4 2025 Operations Update
Enwell Energy plc reported no production in Q4 2025 due to the suspension of its MEX-GOL, SV, and VAS licences, which were reinstated following appeals against interim rulings. The company is continuing development planning for its SC exploration licence, including installing temporary equipment to truck gas and condensate to its MEX-GOL and SV facilities. The VAS field's gas processing facilities sustained significant damage from a drone attack on December 18, 2025, though the facilities were already mothballed. Enwell's cash resources stood at approximately US$97.1 million as of December 31, 2025. The company is pursuing arbitration proceedings against Ukraine under a bilateral investment treaty to seek damages and reinstatement of its licences. Disclaimer*
About this update from Enwell Energy Plc
23 January 2026 Enwell Energy plc ("Enwell" or the "Company") Q4 2025 Operations Update Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and production group, provides an update on its operational activities in Ukraine in respect of its Mekhediviska-Golotvshinska ("MEX-GOL"), Svyrydivske ("SV") and Vasyschevskoye ("VAS") gas and condensate fields and Svystunivsko-Chervonolutskyi ("SC") exploration licence. Production - Q4 2025 The MEX-GOL, SV and VAS production licences remained suspended and accordingly there was no production from those licences in the fourth quarter, nor at present. Further details on the suspensions are set out below. Operations At the SC exploration licence area, development planning is continuing, including planning for the installation of new gas processing facilities and other surface infrastructure as well as assessing the feasibility of an alternative option of a connection to existing gas processing facilities. Additionally, temporary gathering, separation and compression equipment is being installed, which will enable gas and condensate from the SC-4 well to be separated and the gas compressed at site and then trucked to the Company's gas processing facilities at its MEX-GOL and SV fields for treatment and sale. As announced on 22 December 2025, on the evening of 18 December 2025, the Company's gas processing facilities at the VAS field were the subject of an attack by Russian military drones. The facilities were hit by several such drones, which resulted in significant damage to the facilities. The facilities had been mothballed since the reinstatement of the suspension of the VAS production licence on 27 February 2025, and consequently there were no active field operations at the field. As a consequence, there were only security staff on site, and most fortunately, there were no casualties as a result of the attack. An assessment of the damage is being undertaken to enable a plan to be prepared for the repair and restoration of the facilities. In general, the operating environment in Ukraine remains very challenging. The Company continues to be cautious and vigilant with its ongoing activities and is taking the appropriate measures available to protect and safeguard its personnel and business. The safety and wellbeing of its personnel and cont...