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Enwell Energy increases hydrocarbon production by 8.2%, net profit by 11.5 times in H1 2021
KYIV. Sept 17 (Interfax-Ukraine) – British oil and gas company Enwell Energy plc, part of Smart Energy Group, in January-June 2021 increased its total average daily production and production of hydrocarbons by 8.2% compared to the same period in 2020, to 4,917 barrels of oil equivalent per day (boepd).
According to the production and financial unaudited results of the first half of the year, published by Enwell Energy plc on the London Stock Exchange, in particular, the average daily production of hydrocarbons at the Mekhedivsko-Golotovschynske and Svyrydivske fields (MEX-GOL and SV) amounted to 4,403 boepd (11.7% more compared to the first half of 2020), at the Vasyshchivske field (VAS) – 514 boepd (15% less). In particular, the average daily gas production by Enwell Energy amounted to 22.5 million cubic feet (9.7% more), condensate – 722 boepd (4.9% more), and liquefied natural gas (LPG) – 331 boepd (13.3% more).
"Production rates were higher when compared with the corresponding period in 2020, predominantly due to the contributions of the SV-54 well, which commenced production in May 2020, and the SV-25 well, which commenced production in February 2021," Enwell Energy said.
As the company said, growing production and recovery of hydrocarbon prices, after their fall in 2019-2020, allowed Enwell Energy to significantly improve its financial results. In particular, income for the reporting period increased by 66.4%, to $41.1 million (in the first half of 2020 – $24.7 million). In the first half of this year, operating profit increased 3.4 times, to $18.1 million ($24.7 million), and net profit amounted to $13.8 million, which is 11.5 times more than in the first half of 2020 ($1.2 million).
The growth of financial indicators allowed the company to accelerate the implementation of its investment program, under which it invested $15 million in the first half of the year (in the first half of 2020 – $6.7 million), and as of mid-September 2021 – $26 million. The source of capital investments was the company’s own funds received from operating activities. Taking into account the current financial results, Enwell Energy plans to continue financing the asset development program from its own funds.
In the second half of 2021, the company continues to develop its fields. In particular, at the Svyrydivske field in Poltava region, Enwell Energy is completing testing of well No. 29 and, in case of a positive result, will put it into operation. At the same field, the company will start drilling well No. 31 and continues to study the need for workover and current repairs of operating wells, power grids, pipelines and other infrastructure.
At the VAS field, planning for the proposed new well to explore the VED prospect within the VAS licence area is continuing, and maintenance of the gas processing facilities, pipeline network and other field infrastructure is planned. At the Svystunkivsko-Chervonolutske field, the company began drilling well No. 4 in August 2021, and plans to start 3D seismic exploration by the end of the year.
