07:05 AM EST, 12/11/2024 (MT Newswires) -- MCF Energy ( MCFNF ) , near 52-week lows, overnight Tuesday said pressure recording equipment would be fitted to the Welchau-1 well in Austria to record the potential pressure build up due to well inflow.

The company had previously reported that the Welchau-1 well would be shut in until further sample analysis and well data were available, as workover fluids (brine) and traces of black solid particles of unknown composition were found, which may have affected well flow at the time.

MCF said further sampling would be undertaken if enough inflow is seen. The company added that the well would be swabbed using wire line to reduce hydrostatic pressure which may induce further flow. If hydrocarbons are recovered, the company intends to resume further testing of the shallowest Reifling formation, most likely, after acidization of the reservoir to overcome well bore damage and enhance productivity in the carbonate reservoir.

Samples from the testing of the Steinalm formation will be analysed to determine if hydrocarbons are present and in determining the composition and likely source of solid black particles which were also encountered during the Reifling formation flow test, added the company.

MCF Energy ( MCFNF ) expects results of the well pressure monitoring, sampling, and well fluid analysis in the new year, after which, it adds, a decision on further stimulation or testing operations would be taken.

Shares of the company rose $0.005 to 0.06 at last close on the TSX Venture Exchange.