Pinedale Energy (TSE:MCF) has released an update.
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MCF Energy Ltd. has announced a significant gas and condensate discovery at its Welchau-1 well in Austria, encountering 115 meters of gas-rich layers with evidence of natural fracturing, vital for extraction. The discovery is strategically located near pipelines and offers numerous drilling sites, with the company moving forward on testing and analysis to enhance production. The success of the well, which reached a total depth of 1,733.1 meters, also confirmed a hydrocarbon seal, dispelling initial project risks and matching previous findings from the nearby Molln-1 well.
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