Enwell Energy Weathers Challenges, Maintains Profit

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

Enwell Energy reports a 28% decrease in revenue to $23.7 million and a slight uptick in net profit to $12.6 million for the first half of 2024, amidst challenging conditions due to the ongoing conflict in Ukraine. The company saw a decline in average daily production to 2,077 barrels of oil equivalent per day, but has resumed operations at the VAS field with a positive cash position and plans to fund future development from existing cash resources and operational cash flow. Despite the disruptions, Enwell Energy continues development activities, including workovers and well deepening, to navigate the current risks and maintain production.

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