Highlights

  • No gas or condensate production was recorded during Q4 2025 due to ongoing licence suspensions.
  • Development planning continues at the SC exploration licence, including interim gas handling solutions.
  • Cash resources at year-end totalled approximately US$97.1 million across multiple currencies.

Enwell Energy plc (LSE:ENW), the AIM-quoted oil and gas exploration and production group, has released an operational update covering its Ukrainian assets, including the Mekhediviska-Golotvshinska, Svyrydivske and Vasyschevskoye production licences, along with progress at the Svystunivsko-Chervonolutskyi exploration licence area.

Production Update: Q4 2025

During the fourth quarter of 2025, Enwell Energy recorded no production from its Mekhediviska-Golotvshinska (MEX-GOL), Svyrydivske (SV) and Vasyschevskoye (VAS) gas and condensate fields. These production licences remained suspended throughout the period and continue to be suspended at present.

The suspension status has resulted in the absence of operational output from these assets, with no change to production levels reported since the reinstatement of the licence suspensions earlier in the year.

Progress at SC Exploration Licence

At the Svystunivsko-Chervonolutskyi (SC) exploration licence area, Enwell Energy is continuing development planning activities. This includes preparation for the installation of new gas processing facilities and related surface infrastructure. The company is also assessing an alternative option involving a connection to existing gas processing facilities.

In parallel, temporary gathering, separation and compression equipment is being installed at the site. This equipment is intended to enable gas and condensate from the SC-4 well to be separated, with gas compressed on site and transported by truck to the company’s MEX-GOL and SV gas processing facilities for treatment and sale.

VAS Facilities Incident

On the evening of 18 December 2025, Enwell Energy’s gas processing facilities at the Vasyschevskoye field were impacted by an attack involving Russian military drones. Several drones struck the facilities, resulting in significant damage.

At the time of the incident, the facilities had been mothballed following the reinstatement of the VAS production licence suspension on 27 February 2025. No active field operations were underway, and only security personnel were present. No casualties were reported. A damage assessment is currently in progress to support planning for repair and restoration works.

Operating Environment and Safety

The company noted that operating conditions in Ukraine remain challenging. Enwell Energy continues to exercise caution across its activities and is implementing measures aimed at protecting personnel and business operations. Safeguarding employees and contractors remains a priority.

Cash Position and Licence Status

As at 31 December 2025, Enwell Energy held cash resources of approximately US$97.1 million. This comprised around US$81.7 million equivalent in Ukrainian Hryvnia, with the remaining US$15.4 million equivalent held across US Dollars, Pounds Sterling and Euros.

The suspensions of the MEX-GOL, SV and VAS production licences follow orders issued by the State Geologic and Subsoil Survey of Ukraine in November 2024, under legislation allowing licence suspension where ultimate beneficial ownership is subject to Ukrainian government sanctions.

Enwell Energy shares were trading at approximately GBP 0.18 on 23 January.

Meta Information

Meta Title: Enwell Energy Provides Update on Ukraine Operations and SC Licence
Meta Description: Enwell Energy reports no Q4 production from suspended Ukrainian licences, outlines SC development plans, incident at VAS facilities, and confirms year-end cash position.
Meta Keywords: Enwell Energy, ENW, Ukraine gas, AIM oil and gas, SC exploration licence, MEX-GOL, Svyrydivske, Vasyschevskoye, energy update