Rig Mobilisation Begins for Welchau Gas Prospect

Source: www.gulfoilandgas.com 2/20/2024, Location: North America

MCF Energy Ltd. ("MCF", "MCF Energy" or the "Company") is pleased to announce that our energy investment partner and operator ADX Energy Ltd. has commenced the mobilisation of the RED Drilling & Services GmbH ("RED") E200 drilling rig to the Welchau drilling location on the 18th of February 2024. Delays in the availability of the previously contracted RED E202 rig has necessitated the substitution of its sister rig. The rig swap has been made possible by the assistance of local operator OMV AG which has interrupted its own drilling program to make the RED E200 rig available to ADX. The E200 replacement rig has equivalent capability to the E202 rig and has been pre-approved for drilling at Welchau. The replacement rig has made it possible to drill and evaluate the Welchau well during the winter period in accordance with the environmental clearance for drilling operations.

The rig move distance from the Vienna Basin to the Welchau-1 drilling location within the ADX-AT-II licence in Upper Austria is approximately 200 km. The rig move and assembly is expected to take an estimated six days to complete and the well spud date is expected on or before the 24th of February 2024. The success case drilling and evaluation program is anticipated to take approximately 39 days.

MCF Energy will fund the Welchau-1 well costs up to 50% of the cap of EUR 5.1 million to earn a 25% economic interest in the Welchau Investment Area. The Welchau gas prospect has exceptional gas resource potential, located in the heart of Europe at a relatively shallow drill depth and proximal to gas pipelines. Welchau-1 is targeting the same reservoirs as the nearby Molln-1 well which tested gas in 1989.

MCF Energy CEO, Mr James Hill, said, "We are looking forward to the commencement of drilling of the Welchau-1 well later this week. We are grateful to OMV AG and the drilling contractor RED for their efforts to substitute the E200 rig for the delayed E202 rig."

MCF Energy invites all stakeholders, including shareholders, employees, and the general public, to stay updated on the Company's progress and its role in Europe's energy future, through its corporate website and social media.


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