VANCOUVER, BC, March 20, 2023 /CNW/ - MCF Energy Ltd. (TSXV: MCF) (FRA: DC6) (OTCPK: MCFNF) ("MCF Energy" or the "Company") is pleased to provide an update on its Austrian operations, specifically regarding its well permitting and planned spudding at the Giant Welchau anticline. Permitting is progressing ahead of schedule with Spudding anticipated during the first half of September 2023.
James Hill, CEO of MCF Energy, stated, "The Welchau prospect could potentially hold an 644.6 BCFE (107 MMBOE) equivalent best mid-case prospective resource, with 20% belonging to MCF.
"The prospect is located up-dip from a 1989 gas discovery (Molln-1 well), which had a gas column of at least 400m and tested condensate-rich, pipeline quality gas at a maximum flow rate of 3.5 mmcfpd. A successful outcome at Welchau could be a significant catalyst for MCF Energy given the size of the Welchau anticline."
"In addition, the company is rapidly concluding the acquisition of Genexco - Germany and its portfolio of exploration and development assets. The MCF interest is carried in the first well for up to €5M Euro on conclusion of the Genexco acquisition. This will mark the second near-term drilling catalyst in Western Europe this year."
MCF Energy was established in 2022 by leading energy executives to strengthen Europe's energy security through responsible exploration and development of natural gas resources within the region. It has secured interests in two significant natural gas exploration projects in Austria and Germany and is evaluating additional opportunities. The Company's leaders have extensive experience in the European energy sector and are working to develop a cleaner, cheaper, and more secure natural gas industry as a transition to renewable energy sources. MCF is a publicly-traded company (TSX.V: MCF; FRA: DC6; OTCPK: MCFNF) and headquartered in Vancouver, British Columbia. For further information, please visit: www.mcfenergy.com.
Additional information on the Company and the Transaction is available at www.sedar.com under the Company's profile.
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Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the completion of the proposed transaction and financing described herein, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms of such transaction. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company's inability to perform the proposed transactions.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete the planned transaction and activities. The Company has also assumed that no significant events will occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
SOURCE MCF Energy Ltd.
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