Genexco was established in 2014 to maximise
The experienced leadership team of Genexco will become the German management team of MCF Energy, providing the Company with valuable in-house German operating expertise.
Peter Eckhard Oehms is the CEO of Genexco, a geologist and project manager with 40+ years of experience, who previously worked as a managing director at Wintershall,Germany's largest crude oil and natural gas producer from 1998 to 2010.Frank Steinich is the COO of Genexco, a drilling and operations specialist with 35+ years of experience, including work at ITAG, Central European Petroleum, and Rhein Petroleum.Matthew Keith is an oil and gas professional with 35+ years of experience, including work at Cairn, Bowleven, and IPC (Lundin). He specialises in exploration, appraisal, well-design, planning, development, and HPHT operations.- Jürgen Milinski is a legal professional with 35+ years of experience in the energy sector. He was a portfolio manager at Gazprom in
the Netherlands and previously supported Engie (Gaz deFrance ) operations in the German andCaspian regions. Jan Paul Van Driel is a former head of economics and planning at ShellUK . He brings broad experience in corporate strategy, joint ventures and asset development to Genexco.
Pursuant to the LOI, MCF Energy will pay
"With the Acquisition of Genexco, we're positioning ourselves for success in
"There is a window of opportunity in
In addition to the Genexco acquisition, MCF Energy has been granted an extension of its option to acquire an additional 20% economic interest in the Welchau-1 well from
Under the terms of the Energy Investment Agreement with
MCF Energy has the option ("Option") to elect to fund a further 50% of the Welchau-1 well drilling cost to earn a further 20% economic interest in the Welchau Area by notice to ADX on or before
If MCF Energy exercises the Option to fund the entire Welchau-1 well cost, at the completion of its investment obligations, MCF Energy will hold 40% economic interest and ADX will retain a 60% economic interest in the Welchau Area.
The Company will not undertake work programs at its German interests until relevant licences are granted and acquisition of those interests is approved by the
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MCF Energy believes the answer to
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the completion of the proposed transaction and financing described herein, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms of such transaction. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company's inability to perform the proposed transactions.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete the planned transaction and activities. The Company has also assumed that no significant events will occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
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