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MCF Energy: Drilling Permit Secured for Large Welchau Gas Prospect in Austria
MCF Energy: Drilling Permit Secured for Large Welchau Gas Prospect in Austria Canada Ne...
About this update from Mcf Energy Ltd
[{"type":"text","content":"\n \n \n \n MCF Energy: Drilling Permit Secured for Large Welchau Gas Prospect in Austria\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 21, 2023\n \n \n /CNW/ -\n \n MCF Energy Ltd\n \n . (TSXV: MCF) (FRA: DC6) (OTCPK: MCFNF) (\"MCF Energy\" or the \"Company\") is pleased to provide an update on its Austrian operations, specifically regarding well permitting and planned spudding at the large Welchau anticline, anticipated in Q4 2023.\n \n \n Highlights:\n \n \n \n Drilling permit for the Welchau-1 well has been granted by the Mining Authority, acting on behalf of\n \n Austria's\n \n Ministry of Finance (BMF), after thorough documentation, expert evaluations, and a smooth public hearing at the proposed drill site.\n \n \n The permit allows drilling, testing, and potential extended production testing of Welchau-1.\n \n \n Environmental clearance marks the final permitting step, backed by an expert's report and stakeholder consultation.\n \n \n Well-site construction is anticipated to commence during the 4\n \n th\n \n quarter of 2023, immediately followed by drilling operations.\n \n \n The Welchau prospect is mapped as covering over 100 square km in size and could contain significant reserves of gas and condensate.\n \n \n MCF Energy identified the Welchau prospect area as a high-priority opportunity for\n \n Europe's\n \n energy security in its review of large-scale natural gas exploration prospects. In alignment with an energy investment agreement forged between MCF Energy and ADX Energy Ltd. (\"ADX\n \n \"\n \n ), the operator of the ADX-AT-II licence in Upper Austria, the Company has committed to financing 50% of the expenses tied to the Welchau-1 well in exchange for a 20% economic interest in the Welchau Investment Area, strategically positioned within the southern section of the ADX-AT-II licence.\n \n \n \n A drilling permit (\"Drilling Permit\") for the Welchau-1 well has been issued by the Mining Authority on behalf of the Ministry of Finance of the Republic of\n \n Austria\n ...