- A drilling permit has been received for the Welchau-1 well from the Mining Authority on behalf of the ministry of finance of the
Republic of Austria (Bundesministerium für Finanzen) (BMF) as announced on the 23rd ofAugust 2023 . - The operator expects to receive its final permit which is an environmental clearance from the
Department of Nature Protection of the State Government ofUpper Austria on or before the 30th of October, 2023. The environmental clearance is the last regulatory requirement to commence operations on the Welchau drilling project. - Upon receipt of the environmental clearance the operator will commence drill site construction and plans to commence Welchau drilling operations in Q4.
- The Welchau geologic structure is mapped as covering over 100 square km in size and could contain significant reserves of gas and condensate.
- The Welchau gas prospect has exceptional gas resource potential, located in the heart of
Europe at a relatively shallow drill depth and approximately 18 km to gas pipelines. - · Welchau is targeting the same reservoirs as the nearby Molln-1 well which tested gas in 1989.
- The operator has advised MCF Energy that due to delays in approvals for permitting the well for drilling, they have not met an investment obligation agreed by the parties to commence drilling of the Welchau 1 well on or before the 30th of
September 2023 . MCF has agreed to extend the commencement date for drilling to on or before calendar year end 2023, in good faith.
Ian Tchacos, executive for the operator, recently stated, "
MCF Energy notes a correction to the press release dated the 25th of September, 2023, regarding the award of the Erlenwiese exploration by the
MCF Energy was established in 2022 by leading energy executives to strengthen
Additional information on the Company is available at www.sedar.com 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
Forward-Looking Information
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.
Oil & Gas Disclosures
The term "boe" means barrel of oil equivalent on the basis of 1 boe to 6,000 cubic feet of natural gas. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. "Boe/d" and boepd" mean barrel of oil equivalent per day. Bbl means barrel of oil and "bopd" means barrels of oil per day. NGLs means natural gas liquids.
This press release contains certain oil and gas metrics and defined terms which do not have standardized meanings:
MMCFD = Millions cubic feet per day
SOURCE
© Canada Newswire, source