Canada’s natural gas developer MCF Energy signed an agreement to acquire oil and gas production and exploration licences in the Czech Republic, which holds valuable reserves, offers immediate production opportunities and has the potential for further exploration to strengthen Europe’s energy security.
Located in the Vienna Basin of Czechia within the Carpathian Mountains, the acquisition consists of three production licences covering 27.8 square kilometres and three exploration licences covering 172.2 square kilometres.
“This acquisition was driven by the opportunity to quickly start natural gas production by reopening three closed wells and using fifteen ready-to-drill sites in the NT Ridge area,” said James Hill, CEO and Director of MCF Energy. “The main advantage of this project is the potential to boost production by shallow, low-cost drilling of nearby areas with available pipeline capacity.”
The company is anticipating returning one currently shut-in production well at NT Ridge to production in the first quarter of 2024. Five additional development locations at NT Ridge and one proven undeveloped drilling location are ready to drill this year. At least three additional drilling locations are contemplated in 2025.