Enwell Energy Faces Downturn Amidst Ukraine Conflict

Enwell Energy (GB:ENW) has released an update.

Enwell Energy, an AIM-listed oil and gas exploration and production group, has reported a substantial decrease in its 2023 financial performance compared to the previous year, with revenues falling to $62.2 million and net profit down to $26.5 million, attributed to lower production rates and gas prices. The company’s operations have been significantly affected by the Ukraine conflict, resulting in the suspension of particular licenses and operational disruptions. Despite these challenges, Enwell Energy managed to continue production in some fields and plans to fund its development program for the coming years with existing cash reserves and operational cash flow.

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