Enwell Energy quarterly production rises 13%

  • Jul 07, 2020
  • Stock Market Wire

StockMarketWire.com - Ukraine-focused gas producer Enwell Energy said its second-quarter production rose 13% after it upped natural gas and condensate output at its Mekhediviska-Golotvshinska, Svyrydivske and Vasyschevskoye fields.

Production for the three months through June increased to 4,582 barrels of oil equivalent per day, up from 4,073 boepd on-year.

Operations received a significant boost in May, when the SV-54 well in the Svyrydivske field commenced production testing.

However, a decline in production rates from the VAS-10 well in the later part of 2019 impacted overall production at the field.

Compression equipment was installed during the first quarter to stabilise production from the VAS-10 well, with a longer-term plan to undertake a workover of the well to access an alternative reservoir horizon.

'We are pleased with the continued progress with the development of our fields, where we are seeing strong production, albeit in a lower gas price environment,' chief executive Sergii Glazunov said.

At 1:54pm: [ LON:ENW] share price was 0p at 13.75p

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