MCF Energy Ltd. provided an operations update. The Company anticipates drilling high-impact exploration wells in both Austria and Germany in Third Quarter/Fourth Quarter 2023. Final well locations have been selected and permits are either granted or in process.

Additionally, the Company is making progress towards doubling its asset base in Germany. Germany MCF Energy's strategic focus on Germany's natural gas sector is gaining momentum, with several initiatives underway to tap into the country's significant untapped potential. Germany is the energy consumer in Europe.

After more than 60 years using nuclear power, Germany closed its final three operational nuclear plants on April 15, in favour of more renewables, gas and coal. The country relies heavily on imported natural gas; the lack of modern domestic gas exploration, including 3D-Seismic acquisition, presents a unique opportunity for MCF Energy. The recent 100% acquisition of Genexco Gmbh has provided MCF Energy with a valuable portfolio of assets in Germany's natural gas sector.

Genexco's focus over the past decade has resulted in a current portfolio of four exploration licenses, including three undeveloped discoveries and two abandoned fields with significant redevelopment potential. Genexco also aims to double its licence portfolio this year and has submitted several applications for significant new project areas with updates expected soon. A primary focus for MCF Energy in Germany is the Reudnitz project, near Berlin, which has significant reserves of methane and helium and is located in the same administrative district as the European Tesla production site.

The company is planning a pilot plant and preparing to acquire 3D-seismic in winter 2023/2024 to explore the potential of this site further. High-impact exploration drilling is expected to take place in the second half of this year at another promising project.