MCF Energy Confirms Environmental Clearance for Austrian Gas Prospect Development

Source Press Release
Company MCF Energy Ltd. 
Tags Production/Development, Environment, Upstream Activities
Date November 30, 2023

MCF Energy Ltd. (TSXV: MCF) (FRA: DC6) (OTCQX: MCFNF) ("MCF", "MCF Energy" or the "Company") is pleased to announce that our energy investment partner and operator  ADX Energy Ltd. (the "Operator") has received Environmental Clearance for development of the prolific Welchau natural gas prospect, in Austria. This significant milestone marks a pivotal step forward in our commitment to responsible and sustainable large-scale natural gas development, within Europe.

Key Highlights:

  • An Environmental Clearance has been received by the Operator from the Department of Nature Protection of the State Government of Upper Austria (Department) to drill the Welchau-1 gas well.
  • The Environmental Clearance follows a drilling permit that was received for the Welchau-1 gas well from the Mining Authority on behalf of the Ministry of Finance of the Republic of Austria (Bundesministerium für Finanzen) (BMF) as announced on August, 16th , 2023, by the Operator.
  • The Environmental Clearance is the final stage of the permitting process which is based on an independent expert's environmental report that has been submitted to the Department. The Environmental Clearance is the last regulatory approval required to commence operations on the Welchau-1 prospect.
  • Under their Energy Investment Agreement, MCF is to fund 50% of the cost of the Welchau-1 well to earn a 20% economic interest in the Welchau Investment Area.

Mr. Jay Park, the Executive Chairman of MCF Energy, stated, "The successful confirmation of an Environmental Clearance underscores the dedication and collaborative efforts of our team and partners in adhering to the highest environmental standards. We prioritize environmental stewardship in all aspects of our operations, and this clearance reaffirms our commitment to conducting our activities with utmost regard for the environment and local communities."

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

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