Brief: Mcf Energy Plans To Acquire Experienced Operator Genexco For Germany's Energy Security

Mcf Energy

23/01/2023 13:16

Jan 23 (Reuters) - Mcf Energy Ltd  MCF.V :
    * MCF ENERGY PLANS TO ACQUIRE EXPERIENCED OPERATOR GENEXCO
FOR
GERMANY'S ENERGY SECURITY
    * MCF ENERGY LTD - ACQUISITION VALUES GENEXCO AT 8 MILLION
EUROS
TO BE PAID WITH SHARES AND CASH, SUBJECT TO CERTAIN CONDITIONS
AND MILESTONES
    * MCF ENERGY- MCF ENERGY GRANTED EXTENSION OF OPTION TO
ACQUIRE
ADDITIONAL 20% ECONOMIC INTEREST IN WELCHAU-1 WELL FROM 21 JAN
2023 TO 28 FEBRUARY 2023
    * MCF ENERGY-UNDER AGREEMENT WITH ADX VIE GMBH, CO TO FUND
50%
WELCHAU-1 WELL DRILLING EXPENDITURE TO EARN 20% ECONOMIC
INTEREST IN WELCHAU AREA
    * MCF ENERGY-IF CO EXERCISES OPTION TO FUND ENTIRE WELCHAU-1
WELL
COST, CO WILL HOLD 40% ECONOMIC INTEREST IN WELCHAU AREA

Source text for Eikon:  ID:nCNWjZcFja 
Further company coverage:  MCF.V 
 ((Reuters.Briefs@thomsonreuters.com;))