Will Acquisition of Oil and Gas Licenses Spark a Rally for This Energy Firm?

Will Acquisition of Oil and Gas Licenses Spark a Rally for This Energy Firm?

By: Tomas Ronolski - AllPennyStocks.com News

Monday, February 26, 2024

This firm’s mission is to deliver large-scale natural gas exploration to help Europe with its energy crisis. And this new acquisition has immediate production potential. 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 Ltd. (TSXV: MCF) announced in a press release today an agreement to acquire oil and gas production and exploration licenses in the Czech Republic. These reserves are located in the Vienna Basin of Czechia within the Carpathian Mountains, offer immediate production opportunities and have the potential for further exploration. The acquisition involves three production licenses covering 6,880 acres and three exploration licenses covering 42,551.5 acres. There are two proven and productive targets, the Miocene sands and Devonian carbonates and significant untested potential exists in the oil-productive fractured basement.

James Hill, CEO and a Director of MCF Energy Ltd, said, "This acquisition was driven by the opportunity to quickly start natural gas production by reopening three closed wells and using fifteen ready-to-drill sites in the NT Ridge area. The main advantage of this project is the potential to boost production by shallow, low-cost drilling of nearby areas with available pipeline capacity."

 


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