By KYIV. Jan 6 (Interfax-Ukraine) – The British oil and gas company Enwell Energy plc (formerly Regal Petroleum), which is part of Smart Energy group of Vadim Novinsky, does not rule out the loss of licenses for hydrocarbon production in Ukraine due to the introduction by the Ukrainian authorities of personal sanctions against ultimate beneficiary of the company Vadim Novinsky.
"The new legislation (adopted in Ukraine) includes provisions that if the ultimate beneficial owner of a license for the extraction of minerals or hydrocarbons becomes the object of sanctions in Ukraine, then the Ukrainian state authorities can suspend or revoke this license," the company’s announcement on the London Stock Exchange (LSE) says.
"The company … is consulting with its external legal and other advisors on the precise interpretation of the new law to enable the company to assess any necessary action," Enwell Energy said.
Currently, the company continues to conduct production activities within the framework of the obtained licenses as usual, the report says.
On December 1, 2022, President of Ukraine Volodymyr Zelensky signed the law on amendments to certain legislative acts to improve legislation in the sphere of subsoil use, which is a significant package of new procedures and reforms aimed at improving the process of regulating the exploration and development of natural resources in Ukraine.
The law enters into force three months after its promulgation.
