MCF Energy Increases Interest in Oil, Gas Exploration License in Germany

Dow Jones

2023/02/22

By Adriano Marchese

MCF Energy Ltd. will expand its interest in a German oil and gas exploration license.

On Jan. 23, the company acquired private German oil and gas company Genexco GmbH and its two natural gas prospects and certain exploration licenses.

The company said Wednesday that its acquisition grants it a 20% interest in a prospective additional German oil and gas exploration licence, where a well is planned to be drilled in the second half of 2023.

The acquisition is with a company affiliated with Genexco.

Additionally, the company said it also is looking to raise 8 million Canadian dollars ($5.9 million) by issuing 16 million subscription receipts at a price of C$0.50 apiece.

MCF said C$4 million of the new financing was raised by management and founders.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 22, 2023 07:50 ET (12:50 GMT)

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