MCF Energy Shares Rise 15% on Earlier Drilling Timeline in Austria

Dow Jones

2023-03-20

By Adriano Marchese

MCF Energy Ltd. shares rose Monday morning after the company said that it expects to begin drilling operations at its Austrian site thanks to a quicker-than-expected permitting process.

At 10:25 a.m., shares were trading nearly 15% higher at 63 Canadian cents (46 U.S. cents).

The Canadian natural gas company said that permitting is progressing ahead of schedule and it now expects to spud the Giant Welchau anticline project in the first half of September 2023.

"A successful outcome at Welchau could be a significant catalyst for MCF Energy given the size of the Welchau anticline," Chief Executive James Hill said.

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

(END) Dow Jones Newswires

March 20, 2023 10:28 ET (14:28 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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