31.03.2021
British company Enwell Energy plc, a part of Smart Energy group, announced its production and financial audited results for the year 2020. Thus, the company increased its aggregate average daily hydrocarbon production by 6.5%, whereas gross profit considering the drop in gas price during the year, decreased by 15%, that has been stated in official announcement by Enwell Energy for London stock exchange AIM.
The average daily production of gas, condensate and LPG for the reported period are the following:
Enwell Energy plc (ex-Regal Petroleum plc) is a British AIM-quoted public company, holding 100% working interests in the companies that operate in Ukraine: Regal Petroleum Corporation Limited (the Representative Office is registered in Ukraine) and Arkona Gas-Energy LLC that are operating in Poltava region as well as Prom-Energo Produkt LLC, working in Kharkiv region. The companies own special license for production of hydrocarbons and are part Smart Energy Group. Whereas, Smart Energy Group is a part of Smart-Holding, in charge of implementing exploration projects and commercial development of the hydrocarbon deposits. In addition to assets of Enwell Energy, Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkiv region).
|
Field
|
Gas (MMscf/d) |
Condensate (bbl/d) |
LPG (bbl/d) |
Aggregate boepd | ||||
|
|
2020 |
2019 |
2020 |
2019 |
2020 |
2019 |
2020 |
2019 |
|
MEX-GOL & SV
|
17.6 |
14.8 |
640.6 |
577.8 |
295.3 |
274.4 |
3,960 |
3,391 |
|
VAS
|
2.9 |
4.4 |
32.2 |
61.9 |
- |
- |
581 |
872 |
|
Total
|
20.5 |
19.2 |
672.8 |
639.7 |
295.3 |
274.4 |
4,541 |
4,263 |
Production increase in 2020 comparing to previous period has been made possible due to putting well #54 into production in Svyrydivske field. Also, the company started drilling well #25 in the same field. At the same time, comparing to 2019 the production in Vasyshchivske field decreased due to decrease of well #10 productivity.
The company delivered a solid financial performance for the year, despite the higher production levels being offset by a lower average gas price during the year. As a result, company revenues were $47.3 million (2019: $55.9 million), net profit – $3.2 million (2019: $12.2 million). At the same time, considering current gas prices, cash generated from operations in 2020 remained steady as in the previous year – $23.8 million (2019: $24.7 million).
Over the last year global pandemic hasn’t caused a significant impact on Enwell Energy. However, taking into account further spread of coronavirus, Company Management and Board of Directors continue carefully monitor the situation and take all necessary actions to mitigate the risks of disease spread in Enwell Energy and local communities on the territories of its operation.
At the same time, a company is planning to complete drilling of well #29 in Svyrydivske field in 2021, start planning a new drilling and upgrade the gas processing facilities. Also, works on planning of new exploration well and upgrading of the gas processing facilities are expected in Vasyshchivske field. Planning of the drilling well #4 and preparation for 3D-seismic will be done in Svystunkivske-Chervonolutske field. 2021 development programme is expected to be funded from existing cash resources.
Reference
Enwell Energy plc (ex-Regal Petroleum plc) is a British AIM-quoted public company, holding 100% working interests in the companies that operate in Ukraine: Regal Petroleum Corporation Limited (the Representative Office is registered in Ukraine) and Arkona Gas-Energy LLC that are operating in Poltava region as well as Prom-Energo Produkt LLC, working in Kharkiv region. The companies own special license for production of hydrocarbons and are part Smart Energy Group. Whereas, Smart Energy Group is a part of Smart-Holding, in charge of implementing exploration projects and commercial development of the hydrocarbon deposits. In addition to assets of Enwell Energy, Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkiv region).
