MCF Energy Announces Planned Well Testing Program for Welchau-1 Discovery in Austria

MCF Energy is gearing up for an exciting phase of exploration in Austria, announcing the planned well testing program for the Welchau-1 discovery in Upper Austria. This project holds significant potential for both MCF Energy and the Austrian economy.

The Welchau-1 well, located in the ADX-AT-II exploration licence, intersected three primary carbonate reservoirs, each considered promising for testing and ongoing appraisal. MCF Energy, a non-operator with a 25% economic interest in the Welchau Exploration Area, is working alongside ADX Energy Ltd., the operator, to execute this comprehensive testing program.

The initial drilling phase, completed in March 2024, yielded encouraging results, including hydrocarbon shows, wellbore inflows during drilling, and the recovery of small amounts of liquid hydrocarbons. These findings, combined with data from the nearby Molln-1 well, suggest the potential for a significant light oil discovery.

The Welchau-1 well test program, scheduled to commence on October 15, 2024, is designed to achieve the following objectives:

*

Confirm the hydrocarbon characteristics:

Determine the exact nature of the hydrocarbons present in the reservoirs.
*

Determine the flow capacity in key reservoirs:

Assess the well’s ability to produce hydrocarbons efficiently.
*

Determine the reserves potential of the reservoirs:

Estimate the volume of recoverable resources.

The testing program will focus on the two major reservoirs, starting with the deeper Steinalm and then the shallower Reifling. A series of flow periods and shut-in periods are planned to analyze pressure response and well performance, with the possibility of acidization to optimize well performance.

The potential economic significance of a light oil discovery at Welchau-1 is substantial.

Austria currently imports a significant percentage of its crude oil requirements, making a local discovery of light oil a valuable asset for the country. The discovery could contribute significantly to Austria’s energy security and economic stability.

MCF Energy is confident in the potential of the Welchau-1 discovery, and the planned well testing program represents a critical step in unlocking its full value.

The company is committed to providing regular updates throughout the testing program, keeping investors informed of the progress and key findings.

Beyond Welchau-1, MCF Energy has identified several follow-up target structures in the same gross trend.

These structures, including the Rossberg lead, offer further exploration potential and contribute to the company’s long-term vision for growth in the European energy sector.

MCF Energy’s dedication to responsible exploration and development of natural gas resources within Europe positions the company as a key player in strengthening the region’s energy security.

The company’s commitment to developing a cleaner, cheaper, and more secure natural gas industry aligns with the transition towards renewable energy sources, making it a compelling player in the evolving energy landscape.