VANCOUVER, BC, April 17,
2023 /CNW/ - MCF Energy Ltd. (TSXV: MCF) (FRA:
DC6) (OTCQX: MCFNF) ("MCF Energy" or the
"Company"), a leading acquirer and explorer of natural gas
projects for Europe's energy
security, is pleased to provide an operations update. The Company
anticipates drilling high-impact exploration wells in both
Austria and Germany in Q3/Q4 2023. Final well locations
have been selected and permits are either granted or in process.
Additionally, the Company is making progress towards doubling its
asset base in Germany.
Germany
MCF Energy's strategic focus on Germany's natural gas sector is gaining
momentum, with several initiatives underway to tap into the
country's significant untapped potential. Germany is the largest energy consumer in
Europe. After more than 60 years
using nuclear power, Germany
closed its final three operational nuclear plants on April 15, in favour of more renewables, gas and
coal. The country relies heavily on imported natural gas; the lack
of modern domestic gas exploration, including 3D-Seismic
acquisition, presents a unique opportunity for MCF Energy.
The recent 100% acquisition of Genexco Gmbh has provided MCF
Energy with a valuable portfolio of assets in Germany's natural gas sector. Genexco's focus
over the past decade has resulted in a current portfolio of four
exploration licences, including three undeveloped discoveries and
two abandoned fields with significant redevelopment potential.
Genexco also aims to double its licence portfolio this year and has
submitted several applications for significant new project areas
with updates expected soon.
A primary focus for MCF Energy in Germany is the Reudnitz project, near
Berlin, which has significant
reserves of methane and helium and is located in the same
administrative district as the European Tesla production site. The
company is planning a pilot plant and preparing to acquire
3D-seismic in winter 2023/2024 to explore the potential of this
site further.
High-impact exploration drilling is expected to take place in
the second half of this year at another promising project. Previous
drilling at an adjacent site confirmed the presence of natural gas
in commercially viable quantities at current market prices. MCF
Energy has a 20% interest in this well and does not bear the costs
of drilling up to EUR 5,000,000.
MCF Energy is committed to unlocking the potential of
Germany's natural gas sector and
is confident that these initiatives will pave the way for new
discoveries and the development of known resources in the
region.
Austria
Drilling is scheduled to commence in September 2023 at the Welchau prospect and is
expected to last between 6 and 8 weeks. The prospect is fully
prepared for drilling operations from a geological and engineering
perspective. Long lead materials and services, including casing and
wellheads have been procured and drilling services are expected to
be confirmed with a local drilling contractor, RED Drilling and
Services (RED) once drilling permits have been received.
The Welchau prospect is a giant anticline thrust belt play
located in the foothills of the Austrian alps. It has over 140
metres of potential oil and gas bearing thickness and is located a
short distance (18km) from a national pipeline network. 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. MCF Energy is earning a
20% interest in the Welchau well by funding 50% of the drilling
costs estimated to be EUR
1,905,000.
The Welchau-1 well will be drilled under an existing contract
with RED Drilling and Services. RED previously drilled the nearby
successful Anshof-3 exploration well for ADX Energy (ADX), MCF
Energy's joint venture participant and operator for the Welchau
prospect. ADX's Anshof-3 well was drilled within budget and without
any safety incidents. The majority of drilling and other services
will be provided by highly trained staff from Upper Austria, who
have an excellent track record for safety, environmental
protection, and reliable project execution.
An environmental impact assessment for the Welchau-1 well has
been completed by ADX, as part of its drilling permission
application submitted in late March. ADX has also commissioned
environmental and natural habitat experts to conduct a site survey
by June 2023 to determine if any
additional environmental measures are warranted, such as noise
abatement or rig lighting reduction. Documentation for the Mining
Authority will be submitted in the coming weeks, and the drilling
permits are anticipated to be granted in July 2023.
James Hill, CEO and Director of
MCF Energy, stated, "We are pleased to be making significant
progress towards drilling our high-impact natural gas projects in
Germany and Austria later this year. These projects have
the potential to strengthen Europe's energy security and support our
transition to cleaner, more sustainable energy sources. We remain
committed to responsible exploration and development of natural gas
resources, while also working to minimise our environmental impact
and engaging openly with local communities. We look forward to
updating our shareholders as we continue to advance our portfolio
and grow our presence in the European natural gas sector."
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; OTCQX: 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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THIS RELEASE.
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 operational
update on gas exploration activities 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.