11:36 AM EST, 11/06/2024 (MT Newswires) -- MCF Energy ( MCFNF ) on Wednesday said it secured the environmental clearance to allow it for up to six months of continuous, 24 hour, testing operations at the Welchau-1 discovery well in the ADX-AT-II license in Upper Austria.

The company said the planned program will test 450 meters of hydrocarbon shows.

MCF holds a 25% stake in the Welchau Investment Area which contains the Welchau-1 discovery and other emerging prospects in the Northern Calcareous Alpes. It has agreed to fund 50% of Welchau-1 well costs up to a well cost cap of 5.1 million euros.

The company was last seen up $0.01 to $0.13 on the TSX Venture Exchange.

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