Tillkännagivande • 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.

VD-lön i procent	100.00%
Anställning som VD	3.7yrs
Ägande av VD	1.2%
Ledningens genomsnittliga anställningstid	3.7yrs
Styrelsens genomsnittliga mandatperiod	3.7yrs

Datum	Total ersättning	Lön	Företagets resultat
Jun 30 2026	n/a	n/a	-CA$16m
Mar 31 2026	n/a	n/a	-CA$8m
Dec 31 2025	CA$240k	CA$240k	-CA$9m
Sep 30 2025	n/a	n/a	-CA$11m
Jun 30 2025	n/a	n/a	-CA$11m
Mar 31 2025	n/a	n/a	-CA$11m
Dec 31 2024	CA$240k	CA$240k	-CA$12m
Sep 30 2024	n/a	n/a	-CA$5m
Jun 30 2024	n/a	n/a	-CA$7m
Mar 31 2024	n/a	n/a	-CA$9m
Dec 31 2023	CA$285k	CA$240k	-CA$11m

Namn	Position	Anställning	Kompensation	Ägarskap
James Park	Executive Chairman	3.7yrs	CA$240.00k	1.64% CA$ 101.3k
James Hill	President	3.7yrs	CA$240.00k	1.21% CA$ 74.9k
Aaron Triplett	CFO & Corporate Secretary	3.7yrs	inga uppgifter	inga uppgifter

Namn	Position	Anställning	Kompensation	Ägarskap
James Park	Executive Chairman	3.7yrs	CA$240.00k	1.64% CA$ 101.3k
James Hill	President	3.7yrs	CA$240.00k	1.21% CA$ 74.9k
Wesley Clark	Independent Director	3.7yrs	CA$28.00k	0.0098% CA$ 605.8
Richard Wadsworth	Independent Director	3.7yrs	CA$28.00k	inga uppgifter
Donald Harder	Independent Director	3.7yrs	CA$36.00k	0.019% CA$ 1.2k

Uppgifter	Senast uppdaterad (UTC-tid)
Analys av företag	2026/09/09 04:33
Aktiekurs vid dagens slut	2026/09/09 00:00
Intäkter	2026/06/30
Årlig intjäning	2025/12/31

Paket	Uppgifter	Tidsram	Exempel US-källa
Företagets finansiella ställning	10 år	Resultaträkning Kassaflödesanalys Balansräkning	SEC Form 10-K SEC Form 10-Q
Analytikernas konsensusuppskattningar	+3 år	Prognos för finansiella poster Analytikernas prismål	Rapporter från analytiker Blue Matrix
Marknadspriser	30 år	Aktiekurser Utdelningar, splittar och åtgärder	ICE Marknadsdata SEC Form S-1
Ägarskap	10 år	Största aktieägare Insiderhandel	SEC Formulär 4 SEC Formulär 13D
Förvaltning	10 år	Ledningsgrupp Styrelse och verkställande direktörer	SEC Form 10-K SEC Form DEF 14A
Viktiga utvecklingstendenser	10 år	Företagsmeddelanden	SEC Formulär 8-K

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