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MCF Energy Ltd. Increases its Interest in Upcoming Welchau-1 Well from 20% to 25%
MCF Energy Ltd. Increases its Interest in Upcoming Welchau-1 Well from 20% to 25% Canad...
About this update from Mcf Energy Ltd
[{"type":"text","content":"\n \n \n \n MCF Energy Ltd. Increases its Interest in Upcoming Welchau-1 Well from 20% to 25%\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 Jan. 9, 2024\n \n \n /CNW/ -\n \n MCF Energy Ltd.\n \n (TSXV: MCF) (FRA: DC6) (OTCQX: MCFNF) (\"MCF\", \"MCF Energy\" or the \"Company\"), an emerging and key player in\n \n Europe's\n \n energy sector, focused on advancing\n \n Europe's\n \n energy self-sufficiency, announces that it has increased its economic interest participation in the upcoming Welchau-1 well in\n \n Austria\n \n to 25% from 20%.\n \n \n In early 2023, MCF Energy entered into an Energy Investment Agreement (EIA) with ADX Energy Ltd (ASX: ADX) to finance half of the expenses for the Welchau-1 exploration well, initially capped at\n \n EUR 3.8 million\n \n , thereby securing a 20% economic stake in the Welchau Investment Area.\n \n \n ADX Energy as the Operator of the Welchau-1 well has adhered strictly to stakeholder consultation, environmental protocols and essential pre-drilling measures, such as permits and comprehensive geotechnical surveys, evidencing ADX and MCF's dedication to Environmental, Social, and Governance (ESG) principles.  These actions and increases in drilling costs have resulted in a total investment increase for the well to\n \n EUR 5.1 million\n \n .\n \n \n MCF and ADX have amended the EIA to outline MCF's commitment to financing 50% of the Welchau-1 well expenses, up to\n \n EUR 5.1 million\n \n , in exchange for increasing MCF's economic interest in the Welchau Investment Area to 25% from 20%. Upon reaching the revised well cost cap, MCF and ADX will cover their respective shares of 25% and 75% for the expenses related to the Welchau Investment Area.\n \n \n The Operator has confirmed that drilling will begin once the well site construction is finished by late January. This clears the way for the RED Drilling & Services GmbH (RED) E-202 rig to move to the Welchau-1 drilling location.\n \n \n Mr. Jay Park KC, Executive Chairman of MCF Energ...