MCF Energy progresses with the permitting for its Welchau gas prospect in Austria, eyeing environmental clearance to kickstart drilling operations in Q4 2023, amidst a slight delay.
- ???? A drilling permit for the Welchau-1 well was granted by the Austrian Mining Authority, with an announcement made on August 23, 2023, marking progress in the permitting process for the Welchau drilling project.
- ???? The final permit, an environmental clearance from the Department of Nature Protection of Upper Austria, is anticipated by October 30, 2023. This clearance is crucial for commencing operations on the drilling project.
- ???? Post environmental clearance, construction of the drill site will begin, with drilling operations at Welchau slated for Q4 2023. This project aims to explore the gas and condensate reserves within the extensive Welchau geologic structure.
- ???? The Welchau gas prospect, nestled in Europe’s heart, holds significant gas resource potential due to its proximity to gas pipelines and its targeting of reservoirs similar to the nearby Molln-1 well.
- ???? Despite a delay due to permitting approvals, MCF Energy has extended the drilling commencement date to the end of 2023, showcasing their commitment to ensuring a cost-effective and timely drilling operation for the benefit of MCF shareholders.
MCF Energy Provides Further Update on the Large Welchau Gas Prospect in Austria
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.
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