VANCOUVER, BC, Sept. 3,
2024 /CNW/ - MCF Energy Ltd. (TSXV: MCF) (FRA:
DC6) (OTCQX: MCFNF) is pleased to announce the completion and
execution through Genexco GmbH, a wholly owned subsidiary of MCF
Energy, of a Heads of Agreement with Lime Petroleum Holdings AS
("Lime") for an option ("Option") to farm in on Genexco's 100%
interest in the Reudnitz gas exploration licence in Germany.
An independent resource evaluation of the Reudnitz field by GCA
Associates has estimated resources of over 118 BCF of methane and
over 1 BCF of Helium.
Genexco will conduct and complete a work-over of well RZ2 in
Reudnitz ("Work-Over") in Q4 2024 which includes installing a
velocity string, acid job and well test.
In parallel to the Work-over, Genexco intends to apply for the
production license for the proven area within Reudnitz as
established by the Work-over and previous discoveries. Lime has the
Option to assume an ownership share/working interest share in
Reudnitz and the production licence of up to 80% of the total
ownership interest/working interest in Reudnitz and the production
licence.
In consideration for the Option:
-
-
- Lime pays to Genexco 500,000
EUR (CAD 746,000), which is
the estimated cost of the Work-Over, and
- If Lime exercises its Option after the Work-Over and the
production licence is granted, Lime will carry all costs and
expenses related to the pilot development of the reservoir in the
Production Licence up to 5,500,000
EUR (CAD
8,200,000).
If Lime exercises its Option, Lime will become operator of the
Reudnitz Production Licence. Lime is not obligated to assume
Operatorship so if it declines to do so, Genexco will continue as
operator.
James Hill, CEO and Director of
MCF Energy, stated, "This partnership with Lime Petroleum will
greatly speed development at Reudnitz and establish cash flow from
this valuable resource. We look forward to working with Lime
Petroleum in the years ahead. I am grateful for the continued
support of our shareholders while the company strives to enhance
value and meet our operational objectives."
About MCF Energy
MCF Energy was established in 2022 by leading energy executives
to strengthen Europe's energy
security through responsible exploration and development of natural
gas resources within the region. The Company has secured interests
in several significant natural gas exploration projects in
Austria and Germany with additional concession
applications pending. MCF Energy is also evaluating additional
opportunities throughout Europe.
The Company's leaders have extensive experience in the European
energy sector and are working to develop a cleaner, cheaper, and
more secure natural gas industry as a transition to renewable
energy sources. MCF Energy is a publicly traded company (TSX.V:
MCF; FRA: DC6; OTCQX: MCFNF) and headquartered in Vancouver, British Columbia. For further
information, please visit: www.mcfenergy.com.
Additional information on the Company is available at
www.sedarplus.ca under the Company's profile.
Cautionary Statements:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
Advisories:
Forward-Looking Information
This press release contains forward-looking statements and
forward-looking information (collectively "forward-looking
information") within the meaning of applicable securities laws
relating to the Company's plans and other aspects of our
anticipated future operations, management focus, strategies,
financial, operating and production results, industry conditions,
commodity prices and business opportunities. In addition, and
without limiting the generality of the foregoing, this press
release contains forward-looking information regarding the
anticipated timing of development plans and resource potential with
respect to the Company's right to assets in Austria. Forward-looking information typically
uses words such as "anticipate", "believe", "project", "expect",
"goal", "plan", "intend" or similar words suggesting future
outcomes, statements that actions, events or conditions "may",
"would", "could" or "will" be taken or occur in the future.
The forward-looking information is based on certain key
expectations and assumptions made by MCF Energy's management,
including expectations and assumptions noted subsequently in this
press release under oil and gas advisories, and in addition with
respect to prevailing commodity prices which may differ materially
from the price forecasts applicable at the time of the respective
Resource Audits conducted by GCA, and differentials, exchange
rates, interest rates, 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; the state of the
economy and the exploration and production business; results of
operations; performance; business prospects and opportunities; the
availability and cost of financing, labour and services; the impact
of increasing competition; the ability to efficiently integrate
assets and employees acquired through acquisitions, the ability to
market natural gas successfully and MCF's ability to access
capital. Although the Company believes that the expectations and
assumptions on which such forward-looking information is based are
reasonable, undue reliance should not be placed on the
forward-looking information because MCF Energy can give no
assurance that they will prove to be correct. Since forward-looking
information addresses future events and conditions, by its very
nature they involve inherent risks and uncertainties. MCF Energy's
actual results, performance or achievement could differ materially
from those expressed in, or implied by, the forward-looking
information and, accordingly, no assurance can be given that any of
the events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that we
will derive therefrom. Management has included the above summary of
assumptions and risks related to forward-looking information
provided in this press release in order to provide securityholders
with a more complete perspective on future operations and such
information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. These forward-looking statements are made as of the
date of this press release and we disclaim any intent or obligation
to update publicly any forward-looking information, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
SOURCE MCF Energy Ltd.