Aankondiging • Feb 24
Mcf Energy Ltd. Reports Initial Results from the Resumption of Testing of the Reifling Formation At the Welchau-1 Well in Austria MCF Energy Ltd. reported initial results from the resumption of testing of the Reifle Formation at the Welchau-1 well in Austria. MCF holds a 25% economic interest in the Welchau project, with ADX Energy (ADX) as the operator with the remaining 75% interest. The 128-meter thick Reifle Formation is the shallowest of four carbonate reservoirs intersected at Welchau-1. Injection test performed and a small acidization treatment (6m3 across 45m of perforations) achieved inflow from the previously unresponsive reservoir. MCF will review ADX's plans once proposed. The nature of the oil and gas sampled from this test supports the operator's revised structural interpretation, indicating that a light oil column may exist within the crest of the Welchau anticline approximately 500 metres updip from Welchau-1. The lack of biodegradation of the oil sampled within the Reifle and Steinalm Formations, as well as the observed over pressured system, further supports the interpretation of an updip oil accumulation. Although the Welchau play is relatively complex, the potential reward is substantial for an onshore location, given its relatively shallow drill depths near to existing infrastructure. Ongoing work will provide an improved understanding of the shallow light oil accumulation and the deeper gas potential within the large Welchau anticline. Compositional analysis of oil and gas samples is currently being undertaken. The well has been suspended to enable the monitoring of pressure build up and fluid inflow. Aankondiging • Feb 17
MCF Energy Ltd. Provides Update of Welchau-1 Testing MCF Energy Ltd. reported initial results from the resumption of testing of the Reifling Formation at the Welchau-1 well in Austria. MCF holds a 25% economic interest in the Welchau project, with ADX Energy (ADX) as the operator with the remaining 75% interest. The 128-meter thick Reifling Formation is the shallowest of four carbonate reservoirs intersected at Welchau-1. The well was stimulated by pumping six cubic meters of acid followed by a completion brine volume into the well ensuring that all the acid was injected into the reservoir and allowed to soak before the well was flowed back. To initiate flow in the well it was necessary to unload the hydrostatic column of brine by swabbing the well. Swabbing resulted in brine, methane gas and CO2 being flowed to surface. New Risk • Feb 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.5m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 58% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$10.8m market cap, or US$7.91m). Aankondiging • Feb 12
MCF Energy Ltd. Announces an Update for the Testing of the Welchau-1 Well in Austria MCF Energy Ltd. announced an update for the testing of the Welchau-1 well in Austria. MCF holds a 25% interest in the Welchau project, with ADX Energy (ADX) as the operator with the remaining 75% interest. The Reifling Formation testing was interrupted after perforation in January 2025 due to legal objections by environmental non-governmental organizations in relation to Environmental Clearances provided to ADX for the drilling and testing of Welchau. In September 2025 the Upper Austrian State Administrative Court ruled that ADX may resume drilling and testing activities at the Welchau-1. The Reifling Formation is the shallowest of four carbonate reservoirs intersected at Welchau-1. An acid stimulation will be performed to test the shallowest potential reservoir encountered in the Welchau-1 well. The testing program is intended to determine if moveable hydrocarbons are present and the flow characteristics of the Reifling Formation which is prognosed to be at or near a light oil accumulation mapped updip of Welchau-1. New Risk • Nov 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$4.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.5m free cash flow). Earnings have declined by 58% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$10.8m market cap, or US$7.71m). Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). New Risk • Nov 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 60% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$12.3m market cap, or US$8.74m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Aankondiging • Oct 17
MCF Energy Ltd Announces Update of Drilling Operations on the Kinsau-1A Well, Reudnitz Gas Field and Erlenwiese Licence in Germany MCF Energy Ltd. announced an operational update for the Kinsau-1A (Kn-1A) well in Lech, Germany, and licence extension information for the Reudnitz gas field and Erlenwiese licence. The Kinsau-1A well has drilled to a total depth of 3310 meters Measured Depth (MD) and bottomed in the Jurassic Malm Reef Carbonate interval. The bottom hole of the new well is within 65 meters of the original Mobil gas discovery well. The testing program will be built from the current log and sample analysis and requires approval of the mining authority. Testing should begin in First Quarter 2026 when suitable test units are available. The Kinsau- 1A drilling project is a re-entry and redrill of the Kinsau-1 discovery well, originally drilled in 1983 by Mobil, which produced impressive test results of over 24 million cubic feet (MMCF) of gas and condensate per day. Mobil drilled the Kinsau-1 well to a depth of 3940 meters MD, where it encountered basement rocks. The well was completed by stimulating it with acid and tested over a 22.5-metre perforated interval. The entire well test took 3.5 months to complete. A variable rate test was conducted on July 28, to 29, 1983 with three flowing rates reported: 7,712 thousand cubic feet per day (MCFD) at 2,973 psi, 14,832 MCFD at 2,785 psi, and 24,706 MCFD at 1871 psi. The total test pressure dropped from 4,110 psi to 4,090 psi (283.4 to 282 bar). The test resulted in a recovery of 45.9 MMCF of gas and 1,510 barrels of condensate. These test results are not necessarily indicative of long-term performance or of ultimate recovery. Genexco GmbH, a 100% subsidiary of MCF Energy Ltd., has a 20% interest in Energieprojekt Kinsau 1 GmbH, the licensee and operator of the Kinsau- 1A well. Aankondiging • Oct 13
MCF Energy Ltd., Annual General Meeting, Dec 09, 2025 MCF Energy Ltd., Annual General Meeting, Dec 09, 2025. Aankondiging • Sep 17
MCF Energy Ltd. Announces an Operational Update for the Kinsau-1A Well in Lech, Germany MCFEnergy Ltd. announced an operational update for the Kinsau-1A well in Lech, Germany. The Kinsau-1A drilling project is a re-entry and redrill of the Kinsau-1 discovery well, originally drilled in 1983 by Mobil, which produced impressive test results of over 24 million cubic feet (MMCF) of gas and condensate per day. Mobil drilled the Kinsau-1 well to a depth of 3940 metres, where it encountered basement rocks. Gas and condensate indications were found within the Jurassic Purbeck Formation at 3,179 metres. The well was completed by stimulating it with acid and tested over a 22.5-metre perforated interval. The entire well test took 3.5 months to complete. A variable rate test was conducted on July 28, to 29, 1983 with three flowing rates reported: 7,712 thousand cubic feet per day (MCFD) at 2,973 psi, 14,832 MCFD at 2,785 psi, and 24,706 MCFD at 1871 psi. The total test pressure dropped from 4,110 psi to 4,090 psi (283.4 to 282 bar). The test resulted in a recovery of 45.9 MMCF of gas and 1,510 barrels of condensate. These test results are not necessarily indicative of long-term performance or of ultimate recovery. Genexco GmbH, a 100% subsidiary of MCF Energy Ltd., is a 20% partner in the Kinsau-1 A well. After reaching a depth of 3022 meters on September 8, Kinsau-1A Well ran logs and cemented 9 5/8th inch casing at a depth of 3006 meters. On September 9th the well began drilling ahead and on September 10the the Jurassic Purbeck carbonate interval was penetrated. Aankondiging • Sep 11
MCF Energy Ltd. announced that it has received CAD 1.1995 million in funding On September 11, 2025, MCF Energy Ltd. closed the transaction. The company issued 2,000,000 units at an issue price of CAD 0.05 for gross proceeds of CAD 100,000 in its second and final tranche. Each warrant entitling the holder to acquire an additional common share at an exercise price of CAD 0.06 until September 10, 2027. The company issued a total of 23,990,000 units for aggregate gross proceeds of CAD 1,199,500. All securities issued pursuant to the financing, and any shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring January 11, 2026. Completion of the offering remains subject to final approval of the TSX Venture Exchange. Aankondiging • Sep 06
MCF Energy Ltd. announced that it has received CAD 1.0995 million in funding On September 5, 2025, MCF Energy Ltd. closed the transaction. The Company issued 21,990,000 Units at a price of CAD 0.05 per Unit for gross proceeds of CAD 1,099,500. Each Unit will consist of one common share and one full common share purchase warrant with each Warrant entitling the holder to acquire an additional common share at an exercise price of CAD 0.06 until September 5, 2027. In connection with the Financing, the Company paid finders’ fees of CAD 19,170. In addition, the Company issued 383,400 non-transferable finders’ warrants. Each finders’ warrant entitles the holder to acquire one Share at a price of CAD 0.06 per Share until September 5, 2027. All securities issued pursuant to the Financing, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring January 6, 2026. Completion of the Offering remains subject to final approval of the TSX Venture Exchange. Aankondiging • Aug 22
MCF Energy Ltd. announced that it expects to receive CAD 0.5 million in funding MCF Energy Ltd. announced a non-brokered private placement of a minimum of 10,000,000 units at a price of CAD 0.05 per Unit for gross proceeds of CAD 500,000 on August 22, 2025. Each Unit will consist of one common share and one full common share purchase warrant with each Warrant entitling the holder to acquire an additional common share at an exercise price of CAD 0.06 for a period of 24 months from the date of issuance. Completion of the Offering remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month-and-one-day statutory hold period. In connection with the Offering, the Company may pay finders' fees of up to 6.0% of the gross proceeds raised by the Company from the sale of Units to subscribers directly introduced to the Company by eligible finders. In addition, the Company may issue to eligible finders non-transferable finders' warrants of up to 6.0% of the number of Units sold in the Offering. Each finders' warrant will entitle the holder to acquire one Share at a price of CAD 0.06 per Share for a period of 24 months from the date of issuance. Aankondiging • Aug 21
MCF Energy Ltd. Announces an Operational Update for the Kinsau-1A Well in Lech, Germany MCF Energy Ltd. announced an operational update for the Kinsau-1A well in Lech, Germany. The RED Drilling Rig 202 has completed drilling out the abandonment mud and cement plugs in the 13 3/8-inch casing from the original Kinsau-1 well drilled by Mobil in 1983. The inspection of the casing and bonding cement was done with both mechanical and remote sensing tools and found to be in good condition. The seal capacity was tested by pressure up to 61 bars (885 psi) which confirmed the ability of the pipe to hold pressure and isolate the shallow zones behind pipe. This casing protects the shallow ground water resources in this area. An offset water well has been drilled on the drill site and will be monitored to confirm there is no impact too these important water resources. After testing of the casing and cement, a directional drilling assembly was used to enter the exposed section of rock below the casing and drill out of the old well bore. After several days the drilling, the bit broke out of the old hole and started making new hole. The target of this well is the Jurassic Purbeck carbonate interval that tested gas at high rates in Mobil's original Kinsau- 1 well in 1983. Aankondiging • Aug 13
MCF Energy Ltd. Announces the Start of Drilling Operations on the Kinsau-1A Well in Germany MCF Energy Ltd. announced an operational update for the Kinsau-1A well in Lech, Germany. The RED Drilling Rig 202 has completed rigging up at the Kinsau-1 A drill site and testing the safety equipment. Drilling operations commenced on August 8th with the entry into the original 13 3/8-inch steel surface casing installed when Mobil drilled the Kinsau-1 discovery well in 1983. Despite testing at over 24 million cubic feet (MMCF) of gas and condensate per day, natural gas prices in 1983 did not warrant development, so Mobil shut in the Kinsau-1 well later abandoned it. An offset water monitoring well has been drilled and will be monitored to confirm there is no impact to these resources. At this point the well will drill ahead with a diamond drill bit to the target, the Jurassic Purbeck carbonate interval that tested gas and condensate at high rates in Mobil's original Kinsau-1 well. The deeper Malm carbonate interval was also found to be hydrocarbon bearing in the Kinsau wells drilled by Mobil; it is anticipated that this interval will be penetrated and evaluated but not tested in the Kinsau- 1A well. MCF holds a 100% interest in the exploration licence in this adjacent licence area. The Kinsau-1A drilling project is a re-entry and redrill of the Kinsau-1 discover well, originally drilled in 1983 by Mobil, which produced impressive test results of over 24 MMCF of gas and condensate Perforated interval. The well was completed by stimulating it with acid and tested over a 22.5-metre perforated interval. The entire well test took 3.5 months to complete. A variable rate test was conducted on July 28 to 29, 1983 with three flowing rates reported: 7,712 thousand cubic feet per day (MCFD) at 2,973 psi, 14,832 MCFD at 2,785 psi, and 24,706 MCFD at 1871 psi. The total test pressure dropped from 4,110 psi to 4,090 psi (283.4 to 282 bar). The test resulted in a recovery of 45.9 MMCF of gas and 1,510 barrels of condensate. These test results are not necessarily indicative of long-term performance or of ultimate recovery. New Risk • Jun 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.7m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 61% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$12.8m market cap, or US$9.31m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Aankondiging • Jun 04
MCF Energy Ltd. Announces an Operational Update for the Kinsau-1A Well in Lech, Germany MCF Energy Ltd. announced an operational update for the Kinsau-1A well in Lech, Germany. Genexco GmbH, a 100% subsidiary of MCF Energy Ltd., is a 20% partner in the Kinsau-Gas-Project. The Gas Project located in Southern Bavaria is currently progressing, with construction of the Kinsau-1 A drill site completed. The regional Mining Authority in Bavaria (in German: Bergamt Sudbayern) has inspected and approved the drill site so the location is now ready for drilling. All long lead items have been purchased and will be delivered onsite. A rig contract has been signed with RED Drilling and mobilisation to the Kinsau- 1A well site is anticipated after release from current operations in Austria in the coming few weeks. It is projected that the Kinsau-1 a well will drill for 30 days early in third quarter 2025. After drilling is completed, testing will be performed with a workover rig, so well results will likely be known in the third quarter 2025. Discussions are occurring with a local pipeline company for future pipeline construction and offtake. The well will provide Bavaria with yet another option to reduce dependency from imported energy by using domestic resources, as occurs in other hydrocarbon wells in Southern Bavaria. New Risk • May 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.8m (US$9.15m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$8.4m free cash flow). Earnings have declined by 62% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$12.8m market cap, or US$9.15m). Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Apr 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$14.2m (US$10.00m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$7.9m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$14.2m market cap, or US$10.00m). Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • Jan 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$7.9m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (CA$17.0m market cap, or US$11.8m). New Risk • Dec 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$14.2m (US$9.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$7.9m free cash flow). Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$14.2m market cap, or US$9.97m). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Aankondiging • Dec 10
Mcf Energy Ltd. Provides an Update on Reudnitz Gas Field Testing and Development Operations and Wellsite Preparation for the Kinsau-1A Well At Lech, Germany MCF Energy Ltd. provided an update on Reudnitz Gas field testing and development operations and wellsite preparation for the Kinsau-1A well at Lech, Germany. Genexco GmbH (100% owned by MCF) holds a 100% interest in the Reudnitz RZ2 gas discovery well on the Reudnitz Exploration Licence. The Reudnitz gas field testing and development operations continue with the Phase 1 testing completed and the Phase 2 plans submitted to the German mining authority, Laufzeit der Erlaubnis zur Aufsuchung (LNGR). In Phase 1 the Reudnitz RZ2 horizontal well was reworked and tested at a stable flow rate of above 1,000 m³/hr at 5 bar. Phase 2 will be additional stimulation and testing to improve production rates. Genexco applied for an extension of the Reudnitz Exploration Licence to allow for a fuller Phase 2 testing operations following the success of the Phase 1 test. MCF announced the approval of a nine-month extension of the Reudnitz Exploration Licence by the LNGR with the newexpiration date of September 30, 2025. The Company previously announced the farmout option negotiated with Lime Petroleum Holdings AS ("Lime") for Reudnitz. Lime has paid EUR 500,000 to Genexco to fund the workover, flow testing and evaluation of RZ2 horizontal well in the Reudnitz Exploration Licence, sufficient to cover the costs of both Phase 1 and Phase 2 of the program. Currently Lime is reviewing the data from Phase 1 and will make the decision to exercise the option following completion of Phase 2. If Lime exercises its option to acquire up to an 80% working interest in Reudnitz, Lime will carry all costs and expenses related to the pilot development of the reservoir limited to an amount of EUR 5.5 million. If it exercises its option, Lime also has the right to assume operatorship of the Reudnitz Production Licence. The completion of Phase 2 testing will be accompanied by application by Genexco for a Production Licence covering the Exploration Licence area. Kinsau-1A Wellsite Preparation, Lech, Germany. Construction of the well site for the Kinsau 1A re-entry well was commenced in October and continues to be on schedule with a completion date at the end of December 2024. The original Kinsau-1 well stub has been found and a new well head installed. The concrete pad has been finished and final construction continues. Installation of the remaining asphalt pad should begin in mid-December weather permitting. Mobil drilled the original Kinsau-1 well in 1983 and made a gas and condensate discovery which was not economic at that time and the well was suspended and later abandoned. This well had a final stable flow rate of almost 25 MMcf per day of gas and condensate. The new well will be a re-entry of this well with a target within 100 metres of the productive zone. Aankondiging • Dec 04
MCF Energy Ltd. Announces Austria Well Testing Update MCF Energy Ltd. provided an update on production testing at the Welchau-1 well in the ADX-AT-II licence in Upper Austria. Following testing of the Steinalm formation, the Steinalm testing perforations have been isolated with a packer and a new test completion was run in the well to perforate and test the upper section of the 128-metre thick Reifling formation. On November 28, 2024 three intervals were perforated in the upper Reifling including (1) 1,324 metres to 1,340 metres measured depth (MD) (16 metres), (2) 1,346 metres to 1,351 metres (5 metres) and (3) 1,358 metres to 1,382 metres (24 metres) MD. Limited inflow was determined based on down hole fluid levels. The well was shut in over the weekend to allow time for the well to flow reservoir fluids into the tubing string. The fluid level in the well was observed on December 3, 2024 indicating limited inflow (less than 1 cubic metre or approximately 6 barrels). Sampling of the well indicated only completion brine (not reservoir fluid) and fine solid particles of unknown origin ("Solid Contaminants") were present in the well. The Solid Contaminants recovered had a petroliferous odour. The well has been left shut in to determine if it can flow naturally, analyse the composition of well fluids recovered to date and potentially flow sufficient formation fluids ("Minimum Flow Volume") to enter the production tubing - by filling the annular space from the perforations to the bottom of the tubing string ("Further Well Flow Information"). The forward program for the Welchau-1 well will be determined once Further Well Flow Information is collected and assessed including whether to proceed with acidization of the reservoir which is common practice for overcoming well bore damage and enhancing productivity in carbonate reservoirs. Aankondiging • Dec 03
MCF Energy Provides Update on Czech Operations MCF Energy Ltd. provided an update on current and planned operations in the Czech Republic. The Company is actively pursuing the commencement or restoration of gas production at its NP-823, LM-3 and NT-2 wells. NP-823 Well Reactivation: The NP-832 well is anticipated to be reactivated following inspection, testing and installation of a dehydration unit. The on-production date for NP-823 is estimated to be January 15th 2025. LM-3 Well Production: Production at the LM-3 well will be monetized by generation of electricity and eventually compressed gas transport. The Company is working with its electricity offtaker to finalize installation of the necessary production and generation equipment, with the offtaker bearing the capital expenses. The electricity offtaker arrangements results in a 2025 gas price equivalent of USD 8/Mcf. The Company anticipates commencement of production by mid-March 2025. NT-2 Well Reactivation: Wellsite and wellhead inspection, testing and maintenance operations are under way, following which workover operations will commence in order to assess the well's productive capacity in First Quarter 2025. Aankondiging • Nov 27
MCF Energy Ltd. Provides an Update on Production Testing At Austria and Germany MCF Energy Ltd. provided an update on production testing at the Welchau-1 well in the ADX-AT-II licence in Upper Austria, and wellsite preparation for the Kinsau-1A well at Lech, Germany. MCF Energy and its Welchau Investment Area partner and licence operator ADX Energy Ltd. have completed the first flow test of the Steinalm formation in the Welchau-1 discovery well, located in the ADX- AT-II licence in Upper Austria. MCF holds an 25% economic interest in the Welchau Investment Area which contains the Welchau-1 discovery and other emerging prospects in the Northern Calcareous Alps. On the November 20, 2024 MCF announced the initial results of the first test of the Steinalm formed where gas was observed at surface followed by an unassisted stable rate of liquid flow including drilling mud, likely contaminated formation water and some oil traces. The observed liquid rate was between 240 to 290 barrels per day from unstimulated perforated intervals. The dominant flow is interpreted to be from a fracture system accessing an oil/water contact lower in the structure. Based on the PLT results the first Steinalm test is not considered diagnostic of the presence or absence of hydrocarbons. A retest of the Upper Steinalm perforations can be conducted at a future time after isolating the Lower perforations. The Steinalm test completion has been retrieved and the Steinalm Upper and Lower perforations have been isolated with a packer below the Reifling test interval. The plan is to move up the hole, higher into the interpreted hydrocarbon column and undertake a test at the upper most part of the 128-metre thick Reifling formation. A new test completion will be run in the well and the Reifling will be perforated across three intervals. The three intervals to be tested contemporaneously will include a 16-metre interval from 1324 metres to 1340 metres MD, a 5-metre interval from 1346 metres to 1351 metres and a 24-metre interval from 1358 metres to 1382 metres MD. The commencement of testing of the Reifling formation is expected to occur by the end of next week. The future testing program after the above-mentioned Reifling test will be determined based on further analysis of Steinalm and Reporate test results. Economic Participation in the Welchau Investment Area: MCF holds a 25% economic interest in theWelau Investment Area which contains theWelau Investment Area that contains the Welchau-1 well and other emerging prospects in theNorthern Calcareous Alps. The company holds a 25% economic interest In the Welchau Investment Area which contain the Welchau Investment Area which includes the Welchau-1 well, 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; and the Company's right to assets in Austria. New Risk • Nov 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$7.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$7.9m free cash flow). Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (CA$19.9m market cap, or US$14.2m). New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (CA$36.9m market cap, or US$26.4m). Aankondiging • Nov 14
MCF Energy Ltd. Provides Update on Welchau-1 Production Testing MCF Energy Ltd. advised that preparations for flow testing the Welchau-1 well, located in the ADX-AT-II licence in Upper Austria, are progressing as planned. Since mobilization of the RED Drilling & Services W-102 workover rig (Workover Rig), together with ancillary equipment on the 4th and 5th of November 2024, the Workover Rig has been set up on the Welchau-1 well and surface testing equipment as well as materials have been mobilized to the well site. The planned program is to test the 450 metres of hydrocarbon shows starting with the two major reservoirs, the deeper Steinalm and then the shallower Reifling formation. A well completion assembly has been run in the well (tubing, packer and perforating system) and current operations include ongoing well completion work in preparation for flow testing as well. Flow testing facilities are being installed and rigged up, which includes a test separator, the necessary pipework and production storage tanks. Flow testing of the Steinalm formation will commence in approximately one week after well perforation as well as flow testing facilities rig up, pressure testing of facilities and function testing. Testing Program: The Environmental Clearance is for continuous (24-hour) flow testing operations up to March 31, 2025. This allows provides the Company with ample time to carry out an extensive testing program. This detailed flow testing is key and typical method industry wide for determining reservoir porosities and permeabilities carbonates reservoirs which are often highly dependent on fractures. A testing program has been developed focussing on the following objectives: Determine reservoir fluid type present in key reservoirs; Determine the flow capacity in key reservoirs; and Determine the reserves potential of the reservoirs. The planned program includes the testing of the two major reservoirs of a total of four, starting with the deeper Steinalm formation and then the shallower Reifling Formation. For each test, a number of flow periods and shut in periods are planned to determine the pressure response with down hole gauges. Well performance will be monitored to determine the potential reservoir damage from drilling and cementing of the well. In each test the well may be stimulated, if necessary, to enhance well performance. Data collection during testing will include flow measurement, surface and down hole pressure measurement as well as both surface and down hole sampling. The expected testing program duration for the Steinalm Formation alone is between 6 to 10 weeks. If good flow performance is achieved, the Steinalm test may be extended to obtain longer term flow data. The work over rig used for the Welchau-1 test program was previously utilised at ADX' Vienna Basin Fields and then for the completion of the successful oil Anshof-2A oil appraisal well. Together with other synergies for equipment and personnel, continued access to the work over rig gives the Company the operational flexibility to vary the program without a significant increase in costs. Background: The Welchau-1 well encountered hydrocarbon shows over a 450-metre interval intersecting three primary carbonate reservoirs that are considered promising for testing and ongoing appraisal. The well was suspended for future evaluation on March 28, 2024 after running and cementing 7-inch casing. Operations were suspended to comply with the conditions of environmental permits limiting drilling and testing operations to the Austrian winter months from October 1, 2023 to March 31, 2024. Data recovered from the well during the drilling and evaluation phase included hydrocarbon shows, wellbore inflows, drilling mud losses, formation cuttings, petrophysical borehole log data, formation fluid sampling and formation coring. This data has been used to assess the potential of the Welchau discovery and design the planned test program. On September 26, 2024, the Company announced that the hydrocarbons discovered at Welchau are likely to be a high gravity (43.6° API) light oil with associated gas rather than a liquids-rich gas discovery as it was predicted prior to drilling. Other Exploration Potential Near Welchau-1: MCF Energy notes that there is exploration potential at the nearby and further north Rossberg lead, as well as the deeper potential at Welchau in reservoirs below the 7" casing at the well's total depth (TD) (1733 metres) that have yet to be drilled. Economic Participation in the Welchau Investment Area: MCF has executed an Energy Investment Agreement with ADX to fund 50% of Welchau-1 well costs up to a well cost cap of EUR 5.1 million to earn a 25% economic interest in the Welchau Investment Area, which is part of ADX Energy Ltds ADX-AT-II licence in Upper Austria. The Welchau Investment Area contains the Welchau discovery well and other emerging oil and gas prospects. MCF has met its funding and earning obligations to ADX and it holds a 25% economic interest in the Welchau Investment Area with MCF obliged to pay 25% of ongoing well costs. Aankondiging • Nov 07
MCF Energy Ltd. Provides Update on Testing 450 Meters of Hydrocarbon Shows At Welchau-1 Austria MCF Energy Ltd. advise that operations have commenced in preparation for production testing the Welchau-1 discovery well in the ADX-AT-II licence in Upper Austria. MCF holds a 25% economic interest in the Welchau Investment Area which contains the Welchau-1 discovery and other emerging prospects in the Northern Calcareous Alpes. An Environmental Clearance has been received from the Department of Nature Protection of the State Government of Upper Austria to undertake production testing operations on the Welchau-1 well. The environmental clearance was the last regulatory requirement to commence continuous (24 hour) production testing operations for a period commencing from October 30, 2024 until March 31, 2025. On November 4 and 5, 2024, workover rig W-102 from RED Drilling & Services was mobilized and rigged up at location together with all auxiliary and testing facility equipment. Welchau Production Testing Operations Overview The environmental clearance will allow for up to six months of continuous (24 hour) testing operations providing ADX with ample time to carry out an extensive testing program. A testing program has been developed focussing on the following objectives: Determine reservoir fluid type present in key reservoirs; Determine the flow capacity in key reservoirs; and Determine the reserves potential of the reservoirs. The planned program is to test the 450 meters of hydrocarbon shows starting with the two major reservoirs, the deeper Steinalm and then the shallower Reifling formation. For each test, a number of flow periods and shut in periods are planned to determine the pressure response with down hole gauges. Well performance will be monitored to determine the potential reservoir damage from drilling and cementing of the well. In each test the well may be acidized, if necessary, to optimise well performance. Data collection during testing will include flow measurement, surface and down hole pressure measurement as well as both surface and down hole sampling. The expected testing program duration for the Steinalm formation is between 6 to 10 weeks. Economic Participation in the Welchau Investment Area MCF has executed an Energy Investment Agreement with ADX to fund 50% of Welchau-1 well costs up to a well cost cap of EUR 5. 1 million to earn a 25% economic interest in the Welchau Investment Area, which is part of ADX's ADX-AT-II licence in Upper Austria. The Welchau Investment Area contains the Welchau discovery well and other emerging oil and gas prospects. MCF has met its funding and earning obligations to ADX and it holds MCF's 25% economic interest in the Welchau Investment Area with MCF obliged to pay 25% of ongoing well costs. Aankondiging • Oct 22
Mcf Energy Ltd. Announces an Operations Update for Projects in Austria and Germany MCF Energy Ltd. announced an operations update for projects in Austria and Germany. Austria. A cellar will be opened, and the drill pad built around the site. It is estimated that the site will be drill ready by mid-December. Rig availability is being determined with drilling estimated to start in First Quarter 2025. The Kinsau-1A drilling project is a re-entry and redrill of the Kinsau-1 discovery well, originally drilled in 1983 by Mobil, which produced impressive test results of over 24 million cubic feet (MMCF) of gas and condensate per day. Mobil drilled the Kinsau-1 well to a depth of 3940 metres, where it encountered basement rocks. The well was completed by stimulating it with acid and tested over a 22.5-metre perforated interval. The entire well test took 3.5 months to complete. A variable rate test was conducted on July 28, to 29. 1983 with three flowing rates reported: 7,712 thousand cubic feet per day (MCFD) at 2,973 psi, 14,832 MCFD at 2,785 psi, and 24,706 MCFD at 1871 psi. The total test pressure dropped from 4,110 psi to 4,090 psi (283.4 to 282 bar). The test resulted in a recovery of 45.9 MMCF of gas and 1,510 barrels of condensate. These test results are not necessarily indicative of long-term performance or of ultimate recovery. MCF Energy plans to leverage existing infrastructure to minimize costs and enhance efficiency of the Kinsau 1A well, using nearly 1,000 metres of existing steel and cemented casing from the original well to safeguard groundwater reservoirs. The surface location of the first test well has been selected and surface lease negotiated. The environmental report has been submitted and well planning has started. The company anticipated having a permit to drill by second quarter of 2025. Reudnitz Gas Field. The well has been re-entered and little fluid was found confirming fluid-free gas production. Installation of a dehydration unit is scheduled in the next few weeks after which inspection production can begin. Increased production is planned by installing a compression unit onsite in the coming months. Application for a long-term testing permit for the LM-3 well has been submitted for approval. Later installations will include an natural gas compression unit so gas can be transported to the NT-2 site where gas will be sold into the pipeline. Inspection of the NT-2 well is planned in the upcoming quarter with plans to return that well to production. This will complete the rework program and the return of these three wells to production. Aankondiging • Sep 30
MCF Energy Ltd., Annual General Meeting, Dec 04, 2024 MCF Energy Ltd., Annual General Meeting, Dec 04, 2024. Aankondiging • Sep 26
MCF Energy Ltd. Provides Update on Welchau Exploration Well Testing Program MCF Energy Ltd. announced the planned well testing program for the Welchau-1 discovery in the ADX-AT-II exploration licence in Upper Austria. MCF is a non-operator and holds a 25% economic interest in the Welchau Exploration Area and ADX Energy Ltd.(‘ADX’) is the operator. In preparation for testing the operator, ADX has undertaken the necessary planning, permitting, procurement and contracting to execute an extended testing program on Welchau-1. The target date to commence operations is 15 October 2024. The Welchau-1 well test program is designed to confirm the hydrocarbon characteristics, determine well productivity, the potential connected volumes and ultimately an estimate of recoverable resource volumes from future potential development wells. Conclusions from Work to Date Based on the data analysis to date, it is most likely that Welchau is a high API hydrocarbon liquid (or light oil) and associated gas discovery rather than a liquids rich gas discovery as was predicted prior to drilling. Due to the uncertain nature of Welchau reservoir performance prior to testing MCF does not believe it is appropriate to provide a definitive resource range until the first tests are completed. Economic Significance of Oil versus Gas The predicted light oil (43.6° API) at Welchau-1 could be very valuable in commercial quantities given shallow drill depth and onshore setting which is proximal to infrastructure. The development cycle for oil is much shorter than gas. Any commercial discovery can be developed incrementally as it is appraised thereby minimising funding requirements as well as enhancing economics and payback time frames. Data Analysis MCF and the operator have analysed data recovered from the Welchau-1 well to determine the likely reservoir hydrocarbons present and characterise the reservoir in terms of storage capacity and flow capacity for each of the potential reservoirs intersected in the well. At this stage, the post-drill structure at Welchau remains largely unchanged. The Welchau-1 well is confirmed to be at or near the crest of an east-west trending, asymmetric anticline, in line with the pre-drill structural model. The slight change in the strike of the fold axis makes the structure less cylindrical than predicted (in the Eastern part of the Welchau anticiline). Welchau-1 intersected four reservoirs including the main Steinalm formation. The reservoir intersection at Welchau-1 is significantly greater than in the Molln-1. Given that oil was recovered at Welchau-1 up dip of Molln-1 which tested gas and condensate, it is now interpreted that Molln-1 is in a separate accumulation to Welchau-1. cross section view below shows more details on the thrusting and faulting resulting in a potential boundary between Molln-1 and Welchau-1 wells. The Steinalm fluid sample recovered from a down hole sampling tool (Modular Dynamics Tester, MDT) was analysed at the OMV Petroleum Analysis Laboratories inVienna. The analysis revealed a light oil was recovered with associated gas. The oil having an API gravity of 43.60 with a gas-to-oil ratio of 1,080 Scf/Bbl. The analysis of the downhole pressure data has highlighted the limitations in obtaining representative downhole pressures in permeable fractured carbonate reservoirs. This data was further compromised with mud loss invasion into the fracture system. The conclusions that can be made with certainty are the Steinalm reservoir is over-pressured and a light oil is present. MCF and the operator were able to determine a range in potential oil-water-contact for the Welchau structure which were utilised in the estimate of Welchau Prospective Resources. The confirmation of the reservoir fluid type, the productivity and connectivity can only be assessed with the planned well test. Testing Operations Overview Testing operations at Welchau-1 are expected to commence in mid-October following the anticipated receipt of an environmental clearance for testing operations and the mobilisation of a workover rig required to run a test string which includes tubing and down hole packer system into the cased and suspended well. The environmental clearance will allow for up to six months of continuous (24 hour) testing operations providing MCF and the operator with ample time to carry out an extensive testing program. A testing program has been developed focussing on the following objectives: Determine reservoir fluid type present in key reservoirs; Determine the flow capacity in key reservoirs; and Determine the reserves potential of the reservoirs It is planned to test the two major reservoirs, starting with the deeper Steinalm and then the shallower Reifling. The planned sequence of operations for testing for the Steinalm formation and expected testing program duration for the Steinalm formation is between 6 to 10 weeks. MCF and the operator will ensure sufficient oil storage capacity is available on site in anticipation of oil flow. If good flow performance is achieved, the Steinalm test may be extended to obtain longer term flow data noting that under Austrian legislation it is permitted to produce up to 30,000 barrels from a long-term testing operation. The use of a workover rig for the Welchau-1 test program along with other operator synergies provides operational flexibility to vary the program without significantly increasing costs. MCF and the operator will provide more detail on well testing operations nearer to the test commencement date, followed by regular updates throughout the testing program. Follow-up Exploration Potential The Welchau-1 well has confirmed a highly prospective hydrocarbon play. The well has confirmed the existence of hydrocarbon liquids and associated gas across multiple extensive carbonate reservoir intervals, trapped by a large hydrocarbon charged seal in a structural setting capable of containing large volumes of hydrocarbons. MCF and the operator have already identified several follow up target structures in the same gross trend as Welchau. Rossberg is located approximately 6 km north- west of Welchau-1. The Rossberg structure has been identified from surface imaging, dynamic structural balancing techniques as well as surface geology mapping. As was the case with Welchau some 2D seismic may help to detail the closure. Additional detailed field work is being undertaken to mature this prospect as a potential follow up exploration well. Based on current structural modelling there remains over 1,000 metres of exploration potential located below the current Welchau-1 well total depth. The opportunity to deepen the Welchau-1 well after testing the existing zones of interest is being assessed in conjunction with ongoing structural modelling of the Welchau-1 discovery. Aankondiging • Sep 16
MCF Energy Ltd Provides an Operational Update for Austria, Germany and Czech Republic MCF Energy Ltd. announced an operational update on currently active projects. Subject to receipt of one remaining governmental approval, all plans are in place for a return to the Welchau wellsite to complete testing of the Welchau-1 discovery well which finished drilling in March with operations suspended due to seasonal restrictions in the Welchau-1 drilling and testing permit. The service rig is expected to be at the wellsite in early to mid-October to begin a multi-zone test of formations identified to be prospective based on well logs and MDT tests conducted in March. The Company expects to provide a number of updates during Fourth Quarter in coordination with the Welchau operator, ADX Energy. The Company has a 25% economic interest in the Welchau area, and ADX Energy has the remaining interest. Site construction for the Kinsau-1A well began in early September with the building and completion of a perimeter fence surrounding the drill site. The building contractor should begin full construction of the drill site in the first week of October with the process taking six to ten weeks. Long lead items are purchased and will be delivered when the site is completed. Well casing from the original Mobil Kinsau #1 well drilled in the 1980s will be exposed and a new well head will be attached ahead of the move in of the drill rig. Drilling of the Kinsau-1A well is anticipated to begin in December. MCF's 100% owned subsidiary Genexco GmbH owns 20% of the shares in Genexco Gas, the licensee of the Lech project. Genexco is fully carried for the costs of the Kinsau-1A well up to Euro 5 million. Solutions are in place to address the licence conditions, with Genexco Gas committed to meeting or exceeding all environmental requirements outlined in the permit from the Mining Authority. MCF's 100% owned subsidiary Genexco GmbH is the licensee of the Lech East project with a 100% working interest in the almost 100 square km Lech East Concession which holds possible analogues to the Kinsau gas discovery. The first well location has been selected and surface rental agreements have been signed with the surface owner. Well planning has begun with geologic targets identified to encounter the same gas productive reservoirs found in the Kinsau #1 well in the nearby Lech concession. Environmental studies already have been commissioned for a tentative wellsite. Geologic assessments of the 3D-seismic confirm a potential which can boost reserves for a joint development of Lech and Lech East. Gas export infrastructure will be tailored jointly with a regional gas utility located in Augsburg, Bavaria to service local industry and residential customers which suffer from high energy import cost.
The Company previously announced the farmout option negotiated with Lime Petroleum Holdings AS ("Lime") for Reudnitz where MCF subsidiary Genexco holds a 100% interest in the Reudnitz licence area. Funds received from Lime will fund the workover, flow testing and evaluation of RZ2 well in the Reudnitz exploration concession which includes installing a velocity string, acid job and well test. Equipment is currently being mobilized for the test scheduled to begin on September 16, 2024. The testing process is estimated to take several months to complete. Subsequent to the workover, Genexco intends to obtain a production licence for the agreed 'proven area' within Reudnitz. Three previous gas wells have been drilled outlining the gas reservoir. Lime has an option to assume a working interest ownership share in Reudnitz and the production licence of up to 80%. If Lime exercises its option, Lime will carry all costs and expenses related to the pilot development of the reservoir limited to an amount of Euro 5.5 million. If it exercises its option, Lime also has the right to assume operatorship of the Reudnitz production licence. Czech Republic: NP-823 well, Slickline operation was completed on September 6, 2024, on MCF's NP-823 well in the Czech Republic. Production equipment is currently being moved to the location. It is anticipated that all necessary production equipment will be on site within 30 days, after which inspection of the site will occur prior to commencing commercial production of gas. LM-3 well: Front-end engineering of production facilities for the Company's LM-3 well in the Czech Republic is expected to be finished by the end of September. Gas-to-power options are being evaluated to commercialise gas production from the well. New Risk • Aug 23
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (CA$42.6m market cap, or US$31.5m). Aankondiging • Aug 01
MCF Energy Ltd. announced that it has received CAD 4.477303 million in funding On July 31, 2024, MCF Energy Ltd. closed the transaction. The company announced that it has issued a total of 29,848,686 units at an issue price of CAD 0.15 for aggregate gross proceeds of CAD 4,477,302.9. Each unit consists of one common share of the Company and one share purchase warrant with each Warrant entitling the holder to acquire an additional common share at an exercise price of CAD 0.16 until July 31, 2026. In connection with the Offering, the Company paid finders' fees of CAD 100,036. In addition, the Company issued 666,906 non-transferable finders' warrants. Each finders' warrant entitles the holder to acquire one Share at a price of CAD 0.16 per Share until July 31, 2026. Certain insiders of the Company acquired Units pursuant to the Offering. All securities issued pursuant to the Offering and the debt settlement, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day expiring December 1, 2024. The Offering remains subject to final approval of the TSX Venture Exchange. Aankondiging • Jul 04
MCF Energy Ltd. announced that it expects to receive CAD 2.5 million in funding MCF Energy Ltd announced a non-brokered private placement of 16,666,667 units at a price of CAD 0.15 per Unit for gross proceeds CAD 2,500,000.05 on July 3, 2024. Each Unit will consist of one common share and one full common share purchase warrant with each Warrant entitling the holder to acquire an additional common share at an exercise price of CAD 0.16 for a period of 24 months from the date of issuance. Completion of the Offering remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month-and-one-day statutory hold period. In connection with the Offering, the Company may pay finders' fees of up to 6% of the gross proceeds raised by the Company from the sale of Units to subscribers directly introduced to the Company by eligible finders. Aankondiging • Jun 28
MCF Energy Ltd., Genexco GmbH and Genexco Gas GmbH Grant Permit for Drilling of the Kinsau 1A Well in Germany MCF Energy Ltd. announced the receipt of a final permit from the Southern Bavaria Mining Authority for exploratory drilling of the Kinsau 1A well, located in the Lech Concession. Drilling and completion are scheduled to start in September 2024. The Kinsau 1A drilling project is a re-entry and redrill of the Kinsau #1 discovery well, originally drilled in 1983 by Mobil, which produced impressive test results of over 24 million cubic feet (MMCF) of gas and condensate per day. Mobil drilled the Kinsau #1 well to a depth of 3940 metres, where it encountered basement rocks. Gas and condensate indications were found within the Jurassic Purbeck Formation at 3,179 metres. The well was completed by stimulating it with acid and tested over a 22.5-metre perforated interval. The entire well test took 3.5 months to complete. A variable rate test was conducted on July 28th to 29th, with three flowing rates reported: 7,712 thousand cubic feet per day (MCFD) at 2,973 psi, 14,832 MCFD at 2,785 psi, and 24,706 MCFD at 1,871 psi. The total test pressure dropped from 4,110 psi to 4,090 psi (283.4 to 282 bar). The test resulted in a recovery of 45.9 MMCF of gas and 1,510 barrels of condensate. These test results are not necessarily indicative of long-term performance or of ultimate recovery. MCF Energy plans to leverage existing infrastructure to minimize costs and enhance efficiency of the Kinsau 1A well, using nearly 1,000 metres of existing steel and cemented casing from the original well to safeguard groundwater reservoirs. The Kinsau 1A well will be drilled using the same RED Drilling rig that accomplished the successful drilling of the Welchau #1 well in Austria earlier this year. Well site construction is already underway with a groundwater monitoring well already drilled. The long-lead items for the re-entry have been purchased. Natural gas has been produced in Bavaria since 1954, and the expertise of the authorities and experts in the gas industry is correspondingly high. Through its German subsidiary Genexco GmbH, MCF Energy has a 20% interest in the Lech Concession (approximately 6 km2) and is carried by the operator Genexco Gas GmbH for the costs of the upcoming Kinsau-1A well up to EUR 5 million. Consequently, MCF does not anticipate requiring additional capital for the drilling and testing of this potential high impact well. Several additional well locations on the Lech Concession have been identified for potential development. MCF Energy holds a 100% interest in the Lech East Concession (approximately 100 km2), which is positioned to the north and east of the Lech Concession and the Kinsau discovery well and is fully surveyed with 3D seismic. Aankondiging • Apr 02
MCF Energy Ltd. Completes Well Drilling and Well Cased for Future Flow Testing MCF Energy Ltd. advised the Welchau-1 well drilling operations were concluded following release of the rig at 4.00 pm CET on the 28th of March 2024. The Welchau-1 well was drilled utilizing the RED E200 drill rig in the ADX-AT-II exploration licence in Upper Austria. Since the last report on the 25th of March 2024 the well has been successfully cased and temporarily shut in for future testing. The analysis of pressurised sample chambers run in the well contained small amounts of liquid hydrocarbons (gas condensate to very light oil) which is detailed in the Well Data Analysis below. As previously reported down hole sampling was limited due to tool sticking which impacted the recoverability of samples. The results of the well data analysis will be used to update the resource range for the Welchau discovery and design the testing program for the Welchau-1 well. Future testing of the well is expected to be undertaken with a cost-effective workover rig. The analysis work programme has already commenced from down hole pressurised fluid samples and the 7 metres of whole core recovered from the Steinalm formation of the Welchau-1 well". The core analysis work is expected to take sixteen weeks and the fluid sample work three weeks. Downhole fluid samples: The analysis of downhole pressurised fluid samples recovered from the Welchau-1 well is being carried out at a specialised laboratory in Vienna. As reported previously the Modular Formation Dynamic Tester (MDT) tool was stuck in the well bore during sampling which limited the recoverability of samples. Despite these difficulties two sample bottles were recovered containing small amounts of liquid hydrocarbons (gas condensate to very light oil) although most of the fluid was drilling mud that had been lost into the formation during drilling. The samples are not an ideal representation for PVT (pressure-volume-temperature) analysis given the amount of drilling mud contamination. However preliminary results indicate a similarity to the hydrocarbon system encountered and tested at in the down dip Molln-1 well drilled in 1989. The planned Welchau-1 production test in Fourth Quarter 2024 is expected to confirm the characteristics of the hydrocarbonsystem. Further analysis of the downhole fluid samples will continue, including viscosity, densities and if sample volumes permit a full PVT analysis.Core Analysis: Work has commenced on the analysis of the Welchau-1 7 metres of core at a specialized laboratory in Vienna. Preliminary assessment of the core using computerised tomography images (CT scan) confirms the reservoir is a carbonate with a low matrix porosity, vuggy porosity and an extensive vertical fracture network. This triple-porosity system is also evident from the open hole log data. The extent of vertical fractures within the core, which by their orientation cannot be seen in the borehole, is encouraging and can be expected to be very favourable for reservoir connectivity and production performance. It should also be noted that the indicative permeable events observed in the borehole (predominantly vugs and fractures), tabulated in the Company's previous announcement, is only a component of the net rock at the borehole and does not account for the low porosity matrix or the vertical fractures. A clean 100% carbonate rock has by its nature the capacity to store hydrocarbons however the key to estimating the net pay volumes (i.e. the connected porosity system) is inclusive of the combination of low permeable but producible matrix porosity, the higher permeable vugs and the fractures. It should be noted that the fractures provide the primary flow pathways through the rock to the well bore. Core analysis measurements including porosity and permeability of the matrix, the vuggy rock and fractures will be carried out during data analysis. The Welchau-1 well test data will be instrumental to the calibration of the 'triple-porosity' system for volumetric analysis and reservoir performance modelling. The planned Welchau-1 well test will seek to confirm the hydrocarbon characteristics, determine the well productivity, the potential connected volumes to the well and ultimately the recoverable resource size. Aankondiging • Mar 12
MCF Energy Ltd. Announces Progress Update on the Drilling of the Welchau-1 Gas Exploration Well in Austria MCF Energy Ltd. announced a progress update on the drilling of the Welchau-1 gas exploration well in Austria. The well successfully reached a depth of 1,155 metres on March 10, advancing approximately 4 days ahead of its scheduled timeline. Minor hydrocarbon shows and fracturing patterns suggest the presence of hydrocarbons in deeper formations, and are evidence of an active petroleum system at the Welchau-1 well location. It targets reservoirs analogous to those discovered by the nearby Molln-1 well, which confirmed gas presence in 1989. 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. Drilling operations commenced with a 12 1/4 inch bore to a depth of 930 metres, followed by the deployment of wireline logging tools. Subsequently, a 9 5/8 inch casing was installed and cemented to ensure well integrity, particularly through a shale section which will also provide a seal for gas pressure from a deeper underlying reservoir. Currently, drilling proceeds in an 8 1/2 inch bore aiming for a projected total depth of at least 1,500 metres. Enhanced drilling speeds, surpassing initial projections due to the adoption of new drilling technologies, have contributed to the project's ahead-of-schedule status. These improvements are anticipated to lower overall well costs. The image log has identified the presence of fractures and confirms a closed, asymmetric anticline as predicted in the geologic model. Aankondiging • Feb 07
MCF Energy Ltd. Announces Drilling Update for Welchau Gas Prospect MCF Energy Ltd. announced that energy investment partner and operator ADX Energy Ltd. has completed the wellsite construction and secured the drilling rig and all long lead items for development of the Welchau natural gas prospect in Austria. This significant milestone marks a pivotal step forward in commitment to responsible and sustainable large-scale natural gas development, within Europe. MCF is also pleased to advise the imminent mobilisation of the RED Drilling & Services GmbH E-202 drilling rig to the Welchau-1 rig site within the ADX-AT-II licence in Upper Austria. Well site construction commenced on the 15th of December 2023 following receipt of the environmental clearance and is now complete. The RED drilling rig is expected to become available to ADX at the end of this week ("Rig Release"). The well will be spudded after mobilisation and rig assembly which will take approximately 7 days after Rig Release. The success case drilling program is expected to take approximately 39 days. The completed well site at the Welchau-1 drilling location 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 gas resource potential, located in the heart of Europe at a relatively shallow drill depth and proximal to gas pipelines. New Risk • Nov 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$6.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$6.3m free cash flow). Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$49.0m market cap, or US$35.8m). Aankondiging • Oct 26
MCF Energy Ltd. Unveils Promising Update on Substantial Natural Gas Weighted Potential Resource in European Exploration Portfolio MCF Energy Ltd. over the past 12-months, has demonstrated unwavering commitment to establishing a robust portfolio of natural gas weighted exploration prospects. The Company's strategic vision centers on harnessing the vast potential of European energy resources, contributing to regional energy security and sustainable economic growth. Operational Update: Granting to ADX Energy Inc. ("ADX") an extension from September 30th to December 31st 2023 to drill the Welchau prospect in Austria. Delay caused by the final environmental permit, is expected by the operator ADX, to be granted around October 31st; Filing for the Permit to Drill from the Bavarian Mining Authority for the Kinsau 1A re-drill of the Lech discovery well. Final Permit to Drill is expected to be granted in the fourth quarter of 2023; Granting of the permit to re-work and test the Reudnitz Z2 MCF Energy horizontal well in the Reudnitz Gas field, 100% owned by MCF Energy. The reworking and testing operations are scheduled to begin at the end of October 2023. Aankondiging • Aug 22
MCF Energy Ltd. Secures for Large Welchau Gas Prospect in Austria MCF Energy Ltd. provided an update on its Austrian operations, specifically regarding well permitting and planned spudding at the large Welchau anticline, anticipated in fourth quarter of 2023. Drilling permit for the Welchau-1 well has been granted by the Mining Authority, acting on behalf of Austria's Ministry of Finance (BMF), after thorough documentation, expert evaluations, and a smooth public hearing at the proposed drill site. The permit allows drilling, testing, and potential extended production testing of Welchau-1. Environmental clearance marks the final permitting step, backed by an expert's report and stakeholder consultation. Well-site construction is anticipated to commence during the 4th quarter of 2023, immediately followed by drilling operations. The Welchau prospect is mapped as covering over 100 square km in size and could contain significant reserves of gas and condensate. MCF Energy identified the Welchau prospect area as a high-priority opportunity for Europe's energy security in its review of large-scale natural gas exploration prospects. In alignment with an energy investment agreement forged between MCF Energy and ADX Energy Ltd. ("ADX"), the operator of the ADX-AT-II licence in Upper Austria, the Company has committed to financing 50% of the expenses tied to the Welchau-1 well in exchange for a 20% economic interest in the Welchau Investment Area, strategically positioned within the southern section of the ADX- AT-II licence. A drilling permit for the Welchau-1 Well has been issued by the Mining Authority on behalf of the Ministry of Finance of the Republic of Austria to ADX. The Drilling Permit was issued after evaluating detailed technical, legal, and environmental documents, along with expert input. A public hearing on June 28, 2023, yielded no significant objections. The Drilling Permit allows ADX to drill and test the Welchau-1 well and undertake a longer-term production test if required. The Drilling Permit is associated with two designated rig types: a drilling rig and a workover rig. These rigs are supplied by RED Drilling & Services GmbH (RED), as provided by ADX's existing rig services contract. The final step in the permitting process involves obtaining an environmental clearance ("Environmental Clearance"). This clearance will enable the drilling and testing of the Welchau-1 well In accordance with the Drilling Permit. The process for Environmental Clearance is based on evaluating a report by a government-appointed expert, which has been completed and submitted to the local authorities in Upper Austria. Similar to the drilling permit process, this phase will involve a stakeholder hearing period. Looking ahead, MCF Energy and ADX anticipate commencing well site construction in the fourth quarter of 2023, immediately follow by drilling operations. The success case drilling program is expected to take approximately 39 days. Operational Readiness. All essential items for drilling the Welchau-1 well have been procured. The drilling will take place within a pre-existing rig services contract with RED. The drilling and related services will mainly involve skilled local personnel from Upper Austria. ADX has made a concerted effort to prioritise local involvement, particularly in areas with a strong history of safety, environmental care, and dependable project completion. Aankondiging • Aug 03
MCF Energy Ltd. Secures Significant Concession Adjacent to Historic German Gas Discovery MCF Energy Ltd. announced the successful acquisition of a substantial natural gas exploration concession spanning approximately 100 km(2) in Southwest Bavaria, Germany, granted by the Bavarian State Ministry of Economic Affairs, Regional Development and Energy for an initial term of three years. Lech East is adjacent to another 10 km(2) concession. In a previously drilled well at Lech, a remarkable flow test rate of over 20 million cubic feet per day of gas was recorded. MCF Energy's subsidiary, Genexco GmbH, holds a 20% carried interest at Lech and plans to start drilling an offset development well in Fall 2023. The Company considers Lech (20% to MCF Energy) and Lech East (100% to MCF Energy) as key prospects for Germany's energy security. Highlights: Lech East, a 100 km(2) natural gas exploration concession in Bavaria, Germany, has been granted to wholly owned subsidiary of MCF Energy. Modern 3D seismic interpretation, aided by machine learning and AI, has yielded promising prospects, offsetting significant historical gas and oil discoveries. Over 20 million square feet per day of gas was tested at the Kinsau #1 well at Lech in 1983; MCF Energy is fully carried for a 20% stake up to EUR 5 million in a well at Lech to be drilled later this year. Lech and Lech East benefit from excellent accessibility and infrastructure. MCF Energy plans EUR 4.6 million exploration program at Lech East, including well drilling. In 19, M Mobil drilled the Kinsau # 1 well to a depth of 3940 metres, where it encountered basement rocks. Gas and condensate indications were found within the Jurassic Purbeck Formation at 3,179 metres. The well was completed by stimulating it with acid and tested over a 22.5-metre perforated interval. The entire well test took 3.5 months to complete. A variable rate test was conducted on July 28th to 29th, with three flowing rates reported: 7,712 thousand cubic feet per day (MCFD) at 2,973 psi, 14,832 MCFD at 2,785 psi, and 24,706 MCFD at 1871 psi. The total test pressure dropped from 4,110 psi to 4,090 psi (283.4 to 282 bar). The test resulted in a recovery of 45.9 million cubic feet (MMCF) of gas and 1,510 barrels of condensate. These test results are not necessarily indicative of long-term performance or of ultimate recovery. MCF Energy has obtained proprietary 3D Seismic coverage over Lech and Lech East. The Company's interpretation of this data, aided by machine learning and artificial intelligence analysis, has led to the identification and evaluation of several promising prospects with multiple potentially productive zones. Several prospects are offsetting or on trend with historical wells that yielded significant gas discoveries which would be highly commercial including an impressive flow test rate of over 20000 cubic feet per day of gas. Situated approximately 55 km southwest of Munich in a rural region, Lech and Lech East enjoy excellent surface accessibility and infrastructure, including convenient proximity to pipelines. As part of its commitment, MCF Energy will undertake a staged exploration work program at Lech East, culminating in the drilling of a well by 2026 or sooner. The three-year budget for Lech East is EUR 4.6 million, including well drilling. Aankondiging • Jul 15
MCF Energy Ltd., Annual General Meeting, Sep 14, 2023 MCF Energy Ltd., Annual General Meeting, Sep 14, 2023. Recent Insider Transactions • Jan 29
Insider recently bought CA$172k worth of stock On the 25th of January, Frank Giustra bought around 317k shares on-market at roughly CA$0.54 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$248k more in shares than they have sold in the last 12 months. Aankondiging • Jan 24
MCF Energy Ltd. (TSXV:MCF) entered into a non-binding letter of intent to acquire Genexco Gmbh for EUR 8 million. MCF Energy Ltd. (TSXV:MCF) entered into a non-binding letter of intent to acquire Genexco Gmbh for EUR 8 million on January 23, 2023. The consideration comprises of EUR 5 million to be paid in shares and EUR 3 million to be paid in cash. The cash and EUR 2 million of shares will be released over an expected time frame of six months as certain targets are met, including receiving certain licences. The number of shares to be issued will be determined on the date of signing the definitive agreement, applying a volume weighted average trading price of MCF stock in the ten preceding trading days, and applying a CAD/EUR exchange rate on the date of the definitive agreement. Both parties agree to negotiate and finalise a definitive stock purchase and sale agreement by January 26, 2023 or extend the date if needed. The transaction is subject to approval from TSX Venture Exchange ,other conditions and milestones. Board Change • Jan 09
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Howe Lobar is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Jan 05
Pinedale Energy Limited announced that it has received CAD 8.5 million in funding from Pacific Website Company Incorporated On January 3, 2022, Pinedale Energy Limited closed the transaction. The transaction included participation from returning individual investor Thomas Humphreys for 1,200,000 common shares. Post closing Thomas Humphreys stake will decrease to 7.71%. An amount of CAD 180,375 paid in cash to finders in connection with the Private Placement at closing of the acquisition. 