Enwell Energy increased its average daily production rate by 19% in Q3, 2020

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British Company Enwell Energy plc, a part of Smart Energy, announces its operational results for Q3, 2020. For the reported period the company has increased its average daily production rate of hydrocarbons by approximately 19% against the same period of 2019, reports the official announcement by Enwell Energy at the AIM Market of the London Stock Exchange

Thus, the average daily production of gas and condensate by Prom-Energo Produkt for the reported period were 3.0 MMscf/day and 31.2 bbl/d respectively.

Launch of well #54 at Svyrydivske field in May 2020 became the significant boost for the joint production growth. However, a decline in production rates fr om well #10 at Vasyshchivske field impacted overall production at the field in 2020. As a consequence, during Q1 2020, compression equipment was installed to stabilise production from the well, with a longer-term plan to undertake a workover of the well to access an alternative reservoir horizon. At Vasyshchivske field, planning is continuing for a new well to explore the Vvdenska prospect within the licence area.

As of September 30, 2020, the company’s cash resources were approximately $55.7 million, comprised of $15.8 million equivalent in Ukrainian Hryvnia and the balance of $39.9 million equivalent in a combination of US Dollars, Pounds Sterling and Euros.

Enwell Energy continues to monitor the evolving situation relating to the COVID-19 pandemic, and to take any steps necessary to protect its staff and operations. However, as of the date hereof, there has been no operational disruption linked to the COVID-19 pandemic, and no material impact is currently envisaged on the prospects. Nevertheless, Enwell Energy remains acutely aware of the risks, and is taking action to mitigate them wh ere possible, with the safety of individuals and communities continuing to be the priority.

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