09:48 AM EST, 12/10/2024 (MT Newswires) -- MCF Energy ( MCFNF ) , near 52-week lows, was at last look unchanged in early Tuesday trade after it overnight Monday provided an update on its Reudnitz Gas field testing and development operations and wellsite preparation for the Kinsau-1A well at Lech, Germany.

The company in a statement said Reudnitz gas field testing and development operations are continuing. Phase 1 testing was completed, and Phase 2 plans were submitted to the German mining authority, Laufzeit der Erlaubnis zur Aufsuchung (LNGR). Phase 2 will involve additional stimulation and testing on the Reudnitz RZ2 horizontal well to improve production rates.

MCF said it received the approval of a nine-month extension of the Reudnitz Exploration Licence by the LNGR with the new expiration date of Sept. 30, 2025.

Genexco GmbH (100% owned by MCF) holds a 100% interest in the Reudnitz RZ2 gas discovery well on the Reudnitz Exploration Licence

"Following Phase 2 testing Genexco will submit an application for a production licence. There is good progress in Lech with the construction of the Kinsau-1A drill site, which continues to be on schedule with the well expected to spud in Q1 of 2025," said MCF Energy ( MCFNF ) chief executive officer and director James Hill.

Shares of the company were flat at $0.055 at last close on the TSX Venture Exchange.