Statement in relation to Media Coverage
Ukrainian sanctions applied to major shareholder and non-executive director; company investigating impact.
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Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and production group, notes recent media coverage regarding certain regulatory actions within Ukraine in respect of a major indirect shareholder and a Non-Executive Director of the Company.
The Company notes that a Decree of the President of Ukraine numbered 698/2024 and dated 8 October 2024 (the "Decree"), made pursuant to a resolution of the National Security and Defence Council of Ukraine dated 8 October 2024, entitled "On application of personal special economic and other restrictive measures (sanctions)", was implemented, pursuant to which personal special economic and other restrictive measures (sanctions) were applied to, inter alia, Proteas Trustee Services Limited and Proteas Trustees Limited (as well their respective shareholders Andreas Sophocleous and Konstantina Alkiviadous), Elena Iona and Afrodite Loukiadou, who are trustees of Cypriot Trusts that hold a major indirect shareholding interest in the Company, as well as Alexey Pertin, who is a Non-Executive Director of the Company.
The Company is investigating this situation, and consulting with its legal and other advisers as to whether and how the Decree could affect the Company.
The Company continues its normal commercial operations but will closely monitor the situation and make further announcements in due course as appropriate.
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