Enwell announces spudding of SV-31 well in Ukraine

The AIM-traded firm said the SV-31 well had now been spudded, with a target depth of 5,250 metres.

Drilling operations were scheduled to be completed by the end of the first quarter of 2022, and, subject to successful testing, production hook-up was scheduled during the second quarter after that.

The well was described as a development well, targeting production from the V-21 and V-22 horizons in the Visean formation, which had demonstrated good productivity in an existing nearby well.

“We are looking forward to the safe and efficient drilling of the SV-31 well, which we hope will continue our successes in the development of our fields,” said chief executive officer Sergii Glazunov.

At 1526 BST, shares in Enwell Energy were up 1.41% at 36p.