MCF Energy Provides Operations Update: Welchau-1 Austria Production Testing

VANCOUVER, BC, Dec. 10, 2024 /CNW/ – MCF Energy Ltd. (TSX.V: MCF) (FRA: DC6) (OTCQX: MCFNF) (“MCF”, “MCF Energy” or the “Company”) is pleased to provide an update the continuing testing of the Welchau-1 well in Austria. 

Background

The upper part of the Reifling formation has been perforated and an initial flow test conducted. The initial flow test did not result in sufficient flow into the well bore for reservoir fluids to enter the tubing string and allow the Reifling reservoir fluid composition to be determined or sampled.

Sampling of the inflow has recovered primarily workover fluids (brine) and traces of black solid particles of unknown composition, which may be affecting well flow. The composition of the solid particles is being analysed at a specialist laboratory.

The well has been left shut in and the work over rig demobilised until further sample analysis and well data become available from Welchau-1.

Forward Program

Well head pressure recording equipment of suitable accuracy will be fitted to the well head to enable the recording of the potential pressure build up due to well inflow. If sufficient inflow is observed, then further sampling will be undertaken, and the well will be swabbed using wire line to reduce hydrostatic pressure which may induce further flow.

If hydrocarbons are recovered it is intended that further testing of the shallowest Reifling formation will be resumed, most likely, after acidization of the reservoir to overcome well bore damage and enhance productivity in the carbonate reservoir.

In parallel with the above-mentioned activities, samples recovered from the testing of the Steinalm formation will be analysed to determine if hydrocarbons are present as well as determining the composition and likely source of solid black particles which were also encountered during the Reifling formation flow test.

The results of the well pressure monitoring, sampling and well fluid analysis are expected to be available early in the new year after which a decision on further stimulation or testing operations will be taken.

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.sedarplus.ca 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.

Advisories:

Forward-Looking Information

This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to the Company’s plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. In addition, and without limiting the generality of the foregoing, this press release contains forward-looking information regarding the anticipated timing of development plans and resource potential with respect to the Company’s right to assets in Austria. Forward-looking information typically uses words such as “anticipate”, “believe”, “project”, “expect”, “goal”, “plan”, “intend” or similar words suggesting future outcomes, statements that actions, events or conditions “may”, “would”, “could” or “will” be taken or occur in the future.

The forward-looking information is based on certain key expectations and assumptions made by MCF Energy’s management, including expectations and assumptions noted subsequently in this press release under oil and gas advisories, and in addition with respect to prevailing commodity prices which may differ materially from the price forecasts applicable at the time of the respective Resource Audits conducted by GCA, and differentials, exchange rates, interest rates, applicable royalty rates and tax laws; future production rates and estimates of operating costs; performance of future wells; resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions, the ability to market natural gas successfully and MCF’s ability to access capital. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because MCF Energy can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. MCF Energy’s actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide securityholders with a more complete perspective on future operations and such information may not be appropriate for other purposes.

Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Oil & Gas Advisories

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SOURCE MCF Energy Ltd.

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