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.
Figure 1: Map showing the Welchau Farm-in Area (Red Dashed Border), the Welchau-1 drilling location in the Northern Calcareous Alps as well as the producing Anshof oil field to the north. (CNW Group/MCF Energy Ltd.)
Figure 2: Geoseismic Cross Section showing the Molln-1 well in the south, the giant Welchau thrust anticline and the Anshof-3 production well in the north. The Molln-1 well was targeting an Anshof play type at approximately 5700 meters of depth. It accidentally made a significant gas discovery (red highlight) much shallower within the thrust belts of the Northern Calcareous Alps which will also be targeted at Welchau. (CNW Group/MCF Energy Ltd.)
Figure 3: Surface expression of the Welchau anticline with 23 km lateral extension and 100 km2 of surface area. (CNW Group/MCF Energy Ltd.)
Figure 4: Schematic cross section of the Welchau gas prospect and the Molln-1 gas discovery. (CNW Group/MCF Energy Ltd.)
Figure 5: Molln-1 well gas test in 1989. (CNW Group/MCF Energy Ltd.)
"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."
About MCF Energy
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.
Cautionary Statements:
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Forward-Looking Information
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.
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SOURCE MCF Energy Ltd.
For further information: Investor Relations: Jim Hill, CEO, Tel: (604) 609-6110, Email: [email protected]; Public Relations: Sarah Mawji, Email: [email protected]