VANCOUVER, BC, Oct. 4, 2023
/CNW/ - MCF Energy Ltd. (TSX.V: MCF) (FRA: DC6) (OTCQX:
MCFNF) ("MCF Energy" or the "Company") is pleased to provide a
further update on its Austrian operations, specifically regarding
the final steps in the well permitting and planned timing of
drilling at the large Welchau anticline, which remains anticipated
in Q4 2023.
Highlights:
- A drilling permit has been received for the Welchau-1 well from
the Mining Authority on behalf of the ministry of finance of the
Republic of Austria
(Bundesministerium für Finanzen) (BMF) as announced on the
23rd of August 2023.
- The operator expects to receive its final permit which is an
environmental clearance from the Department of Nature Protection of
the State Government of Upper Austria on or before the
30th of October, 2023. The environmental clearance is
the last regulatory requirement to commence operations on the
Welchau drilling project.
- Upon receipt of the environmental clearance the operator will
commence drill site construction and plans to commence Welchau
drilling operations in Q4.
- The Welchau geologic structure is mapped as covering over 100
square km in size and could contain significant reserves of gas and
condensate.
- The Welchau gas prospect has exceptional gas resource
potential, located in the heart of Europe at a relatively shallow drill depth and
approximately 18 km to gas pipelines.
- · Welchau is targeting the same reservoirs as the nearby
Molln-1 well which tested gas in 1989.
- The operator has advised MCF Energy that due to delays in
approvals for permitting the well for drilling, they have not met
an investment obligation agreed by the parties to commence drilling
of the Welchau 1 well on or before the 30th of
September 2023. MCF has agreed to
extend the commencement date for drilling to on or before calendar
year end 2023, in good faith.
Ian Tchacos, executive for the operator, recently stated, "The
Board of ADX looks forward to receiving the environmental clearance
for the drilling of Welchau and commencing planned operations as
soon as possible. The Welchau exploration project is an exceptional
domestic energy supply and economic opportunity for the
State of Austria. ADX and our
partner MCF are committed to responsible gas exploration.
James Hill, CEO and Director of
MCF Energy, stated, "We are pleased to see progress and support the
operators plans to drill the Welchau well both cost effectively and
as soon as practically possible. Our goal is to ensure the MCF
shareholders receive the best value through timely, safe and
efficient operations."
MCF German Operations – Correction
to Press Release dated September 25,
2023
MCF Energy notes a correction to the press release dated the
25th of September, 2023, regarding the award of the Erlenwiese
exploration by the Hessian Ministry for Environment, Climate
Protection, Agriculture and Consumer Protection, through its Mining
Authority. The award was granted for an initial term of two
(2) years, not three (3) years, as was previously stated.
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. The Company has secured interests
in several significant natural gas exploration projects in
Austria and Germany with additional concession
applications pending. MCF Energy is also evaluating additional
opportunities throughout Europe.
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 Energy 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 is available at
www.sedar.com under the Company's profile.
Cautionary Statements:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
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 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.
Oil & Gas Disclosures
The term "boe" means barrel of oil equivalent on the basis of 1
boe to 6,000 cubic feet of natural gas. Boe may be misleading,
particularly if used in isolation. A boe conversion ratio of 1 boe
for 6,000 cubic feet of natural gas is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
"Boe/d" and boepd" mean barrel of oil equivalent per day. Bbl means
barrel of oil and "bopd" means barrels of oil per day. NGLs means
natural gas liquids.
This press release contains certain oil and gas metrics and
defined terms which do not have standardized meanings:
MMCFD = Millions cubic feet per day
SOURCE MCF Energy Ltd.
