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CLOSE Enwell Energy (ENW)

Close Enwell Energy (ENW) at 19p

Enwell Energy received news last week that the State Geologic and Subsoil Survey of Ukraine has issued orders to suspend its Vasyschevskoye (“VAS”) production licence and Svystunivsko-Chervonolutsky exploration licence.

This news is contrary to the court decision published in March and indicates that the regulatory landscape continues to darken for Enwell.  

Enwell said it is ceasing field operations on the VAS licence, including shutting down production at the field, which currently contributes approximately 12% of the Group’s production. Field activities on the SC licence area were already and will remain suspended.

Having been patient enough to wait for the share price to stabilise over the last year, we are going to bite the bullet and close our position.

Loss = -55%

ENW Daily Candle Chart