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.
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SOURCE MCF Energy Ltd.