Enwell Gets Ukrainian Licence Extension
London-listed Enwell Energy, formerly known as Regal Petroleum, has secured an extension of its production licence for the Svyrydivske (SV) gas and condensate field in northeast Ukraine, it said on December 29.
The company obtained the licence in 2004 for 20 years, but said it had applied for a 20-year extension to facilitate development over the majority of the field's economic life, estimated to run until 2042 according to a 2018 reserves assessment by DeGolyer and MacNaughton.
"We are delighted to have secured the extension of our SV production licence, which is consistent with our strategic planning and enables us to continue the development of this field," Enwell CEO Sergii Glazunov said.
Enwell operates three fields in Ukraine that delivered 4,629 barrels of oil equivalent/day in the third quarter, up from 3,889 boe/d a year earlier. It secured a 20-year licence extension for one of its other fields Mekhediviska-Golotvshinska at the end of November.