Austria is turning to old-fashioned Canadian wildcatting know-how to help drill its way to energy security and diversify away from Russian natural gas..On Monday, Vancouver-based MCF Energy announced it has been granted a permit from Austria’s Mining Authority, on behalf of its finance ministry, to drill a wildcat exploration well in the Welchau prospect, located about 200 kilometres west of Vienna in the Northern Calcareous Alps..The term ‘wildcat well’ comes from Wildcat Hollow near Titusville, PA, site of the first oil well drilled in the US. According to local lore, drillers would shoot wildcats and mount them on their derricks for luck..And beyond a doubt, this is ‘big hit’ exploration. The rocks — and rewards — are similar to the Foothills belt in Alberta where Canadian wildcatters have been drilling for 75 years.. MCF Energy Ltd--MCF Energy- Drilling Permit Secured for Large WeSchematic cross section of the Welchau gas prospect — the geology is similar to the Alberta Foothills thrust belt. .The prospect covers 100 square kilometres and “could contain significant reserves of gas and condensate” the company said in a release..MCF has agreed to fund 50% of the costs of the Welchau-1 well in exchange for a 20% interest in the larger prospect. .Spud — or drilling — is expected before the end of the fourth quarter, assuming it also receives environmental approval. That’s expected, given there were no objections raised during a review earlier this year..The drill site is located up-dip from a 1989 gas discovery which tested 3.5 million cubic feet per day (cfpd) from 400 metres of pay. But that was a conventional vertical well. With modern drilling techniques, Welchau-1 could be a ‘boomer’ the company said in a release..“A successful outcome at Welchau could be a ‘significant catalyst’ for MCF Energy given the size of the Welchau anticline," said CEO James Hill, who was formerly the VP of exploration for Bankers Petroleum in Calgary..A strike would also have a big impact on the company’s shares, which were trading at 23 cents on the TSX Venture Exchange on Tuesday..It would also be a coup for Austria, which previously received 80% of its natural gas from Russia and began looking for alternatives in the wake of Putin’s invasion of Ukraine..Although most of its electricity is generated from hydropower, the country’s industrial sector and utilities use gas for manufacturing and heating..Following the invasion of Ukraine, the situation became so dire that last summer Austria’s energy minister ordered utilities to switch from natural gas to alternate fuels such as oil and even coal.."Power plants and industrial companies will be instructed to upgrade their systems for dual operation to the extent that it is technically and economically feasible. That means that plants can run on natural gas as well as on other energy sources; in most cases it will be crude oil," energy minister Leonore Gewessler said at the time..Austria is ranked as the world’s 69th largest natural gas producer, at about 150 million cfpd, and consumes about a billion cfpd. That’s even though gas was first discovered in the construction of the Vienna subway in the 1800s..By comparison, Canada produces more than 10 billion cfpd, or roughly 1,000 times more..In addition to Austria, MCF said it also has prospects in Germany — also hard hit by reduced Russian gas flows — and is examining prospects in other European countries..The company was formed in 2022 after the outbreak of war, with the specific aim of consolidating gas prospects in Europe. Its board of directors include retired US General Wesley Clark, the former NATO Supreme Commander.
Austria is turning to old-fashioned Canadian wildcatting know-how to help drill its way to energy security and diversify away from Russian natural gas..On Monday, Vancouver-based MCF Energy announced it has been granted a permit from Austria’s Mining Authority, on behalf of its finance ministry, to drill a wildcat exploration well in the Welchau prospect, located about 200 kilometres west of Vienna in the Northern Calcareous Alps..The term ‘wildcat well’ comes from Wildcat Hollow near Titusville, PA, site of the first oil well drilled in the US. According to local lore, drillers would shoot wildcats and mount them on their derricks for luck..And beyond a doubt, this is ‘big hit’ exploration. The rocks — and rewards — are similar to the Foothills belt in Alberta where Canadian wildcatters have been drilling for 75 years.. MCF Energy Ltd--MCF Energy- Drilling Permit Secured for Large WeSchematic cross section of the Welchau gas prospect — the geology is similar to the Alberta Foothills thrust belt. .The prospect covers 100 square kilometres and “could contain significant reserves of gas and condensate” the company said in a release..MCF has agreed to fund 50% of the costs of the Welchau-1 well in exchange for a 20% interest in the larger prospect. .Spud — or drilling — is expected before the end of the fourth quarter, assuming it also receives environmental approval. That’s expected, given there were no objections raised during a review earlier this year..The drill site is located up-dip from a 1989 gas discovery which tested 3.5 million cubic feet per day (cfpd) from 400 metres of pay. But that was a conventional vertical well. With modern drilling techniques, Welchau-1 could be a ‘boomer’ the company said in a release..“A successful outcome at Welchau could be a ‘significant catalyst’ for MCF Energy given the size of the Welchau anticline," said CEO James Hill, who was formerly the VP of exploration for Bankers Petroleum in Calgary..A strike would also have a big impact on the company’s shares, which were trading at 23 cents on the TSX Venture Exchange on Tuesday..It would also be a coup for Austria, which previously received 80% of its natural gas from Russia and began looking for alternatives in the wake of Putin’s invasion of Ukraine..Although most of its electricity is generated from hydropower, the country’s industrial sector and utilities use gas for manufacturing and heating..Following the invasion of Ukraine, the situation became so dire that last summer Austria’s energy minister ordered utilities to switch from natural gas to alternate fuels such as oil and even coal.."Power plants and industrial companies will be instructed to upgrade their systems for dual operation to the extent that it is technically and economically feasible. That means that plants can run on natural gas as well as on other energy sources; in most cases it will be crude oil," energy minister Leonore Gewessler said at the time..Austria is ranked as the world’s 69th largest natural gas producer, at about 150 million cfpd, and consumes about a billion cfpd. That’s even though gas was first discovered in the construction of the Vienna subway in the 1800s..By comparison, Canada produces more than 10 billion cfpd, or roughly 1,000 times more..In addition to Austria, MCF said it also has prospects in Germany — also hard hit by reduced Russian gas flows — and is examining prospects in other European countries..The company was formed in 2022 after the outbreak of war, with the specific aim of consolidating gas prospects in Europe. Its board of directors include retired US General Wesley Clark, the former NATO Supreme Commander.
