Potential Gas Discovery Sends Shares of this Dual-Listed Energy Explorer Higher

By: Dylan Sikes – AllPennyStocks.com News

Monday, March 18, 2024

This firm’s vision is to strengthen Europe’s energy security and provide critical resources for the energy transition, and a recent discovery is sending share prices higher in Monday trade.

MCF Energy Ltd. (TSXV: MCF) (OTCPK: MCFNF) announced in a press release today a potentially significant gas and condensate discovery at the Welchau-1 well in Austria. MCF Energy is the first modern public company to consolidate large-scale exploration opportunities in Western Europe.

The Welchau prospect, spanning over 100 square kilometers, is strategically located near pipelines, offering a direct route for gas transportation. It also boasts numerous potential drilling sites, enhancing the project’s flexibility and potential for future expansion.

CEO and Director of MCF Energy, James Hill, stated, "The results we have seen after entering the target zone are exactly what we had hoped for in a gas discovery well. The discovery of gas and hydrocarbons in the massive Welchau structure could be a game changer for Austria in the struggle for energy security and independence."

Canadian shares were trading at $0.31, up approximately 17 percent, in afternoon trade.

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