News

On 7 October 2021, an extraordinary general shareholder meeting of KHARKIVENERGOZBUT PJSC was held online. At the meeting a new legally qualified composition of the company’s Supervisory Board was elected. Officials of KHARKIVENERGOZBUT PJSC falsified the minutes of the meeting stating in them that a decision on this agenda item was not made.

Smart Energy group announces the production results for 9 months, 2021.

SMART HOLDING (CYPRUS) LTD, a shareholder of Kharkivoblenergo JSC, has revealed gross abuse and inefficient use of funds during tender procedures by the management of the energy company for a total of UAH 111.6 million. The shareholder’s representative filed 19 claims on committed grave crimes to the Main Directorate of the National Police in Kharkiv region for an appropriate response.

On 21 September 2021, extraordinary shareholder meetings of KHARKIVOBLENERGO JSC and KHARKIVENERGOZBUT PJSC were held, convened at the initiative of the State Property Fund of Ukraine (hereinafter referred to as the Fund or SPF). During the voting, representatives of the Fund did not support the draft decisions meant to bring the composition of the energy companies’ supervisory boards to compliance with the legislation that regulates the activities of joint stock companies. This has led to the fact that the supervisory boards of KHARKIVOBLENERGO JSC and KHARKIVENERGOZBUT PJSC remain unauthorized since they still do not have independent members.

Drilling of a new well with target depth of 5,250 m is scheduled to be completed by the end of Q1 of 2022. In case of further successful testing, production hook-up is expected during Q2 of 2022.

British Company Enwell Energy plc, a part of Smart Energy, announces its operational and financial unaudited results for H1, 2021. For six months the company has increased its aggregate average daily production by 8.2%, while the revenues have grown by 66.4%.

The State Property Fund of Ukraine (SPF) did not take part in the extraordinary meetings of KHARKIVOBLENERGO JSC and KHARKIVENERGOZBUT PJSC, which were initiated by the shareholder of the companies SMART HOLDING (CYPRUS) LTD. The agenda of the meetings included the questions on the election of new members of the energy companies’ supervisory boards, including independent board members, as well as on conducting a special audit of the companies’ financial and economic activities for 2019–2020.

On August 19, 2021, Enwell Energy spudded well #4 at Svystunkivsko-Chervonolutske field (Poltava region). This will be the first drilled well at the field for 25 years. Its target depth is 5,565 m. The company is planning to complete drilling and provide testing in Q3, 2022.

SMART HOLDING (CYPRUS) LTD, the shareholder of KHARKIVOBLENERGO JSC, asks the Prosecutor General’s Office of Ukraine to urgently consider taking a set of measures to stop the embezzlement of the energy company’s funds and assets. In particular, by ensuring proper pre-trial investigation and procedural guidance in numerous criminal proceedings filed on the facts of illegal actions by officials and staff of the joint-stock company.

SMART HOLDING (CYPRUS) LTD (hereinafter – SMART HOLDING), which holds 29.795% of the shares in KHARKIVOBLENERGO JSC and KHARKIVENERGOZBUT PJSC, has begun the procedure for convening an extraordinary general meeting of shareholders of the two companies. The meeting will be held online on 3 September 2021.