05:16 PM EST, 12/02/2024 (MT Newswires) -- MCF Energy ( MCFNF ) after close Monday offered an update on its activities in the Czech Republic, where it is trying produce natural gas from its NP-823, LM-3 and NT-2 wells.

The NP-832 well is anticipated to be reactivated following inspection, testing and installation of a dehydration unit. The on-production date for NP-823 is estimated to be Jan. 15.

Production at the LM-3 well will be monetized by electricity production and eventually compressed gas transport. The electricity offtaker arrangements results in a 2025 gas price equivalent of US$8 per thousand cubic feet, with production expected by mid-March.

Wellsite and wellhead inspection, testing and maintenance operations are under way for the NT-2 well, following which workover operations to assess the well's productive capacity in the first quarter of next year.

"We continue to move forward to reestablish production on our Czech assets," said chief executive James Hill. "Some minor delays have occurred, but good progress is being made with first cash flow in Q1."