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Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

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Two Countries That Could Break Putin's Gas Grip On Europe


At this moment, a fast-moving development is unfolding in Europe’s energy industry that is gaining more attention by the day. 

Europe’s energy crisis, triggered by Russia’s early 2022 invasion of Ukraine, put an end to decades of reliance on cheap natural gas supplies from Russia. 

In the short term, this meant significantly higher energy prices throughout Europe, with energy costs rising by 40.8% annually within the EU as of September 2022.

And while natural gas prices have pulled back a bit over the past several months, the fact remains that Europe is badly in need of a long-term solution for its natural gas needs. 

After decades of dependence on cheap Russian gas, the situation within Europe has changed in a meaningful way. 

-  The European Union has recognized that their energy reserves and security can no longer be dependent on cheap Russian gas. This has spurred a renewed interest in developing potentially significant reserves within Europe that have been largely ignored for decades... 

-  The EU has now endorsed natural gas as “green” and designated it a transition fuel as we move toward a renewable energy future...

-  Germany has moved away from nuclear power generation, leading to an increase in its need for natural gas...

-  And the ongoing war in Europe – including sabotaged pipelines connecting Russia and Germany – has dramatically increased the urgency for bringing new supplies of natural gas online within Europe. 

But one company is emerging as a potential leader in the race for home-grown solutions to energy crisis: MCF Energy (TSXV:MCFOTC:MCFNF). This is an exciting player in Europe, with an array of assets that offer unique exposure to domestic natural gas. 

The team leading MCF quickly recognized this opportunity to help strengthen Europe’s energy security...

And they bring with them extensive expertise in the European energy markets and geology, as well as an impressive track record in capital markets. 

Potentially Massive European Natural Resources... Overlooked for Decades

Because most of Europe was so dependent on cheap Russian gas, a number of potentially massive resource opportunities within Europe have been sitting idle. 

With decades of experience in the energy sector, and a deep understanding of Europe’s geology, the team was uniquely qualified to search for the most promising assets to help spur European production.

The company’s two highest-priority projects have a clear path to market, and are located in two of Europe’s most supportive jurisdictions.

Welchau: Up to a Trillion Cubic Feet Prospect in Austria 

Located in the foothills of the Austrian Alps, the Welchau Gas Prospect contains over 140 meters of potential oil and gas-bearing thickness and carries the potential for up to a trillion cubic feet of natural gas. The property is analogous to large anticline structures discovered in Kurdistan and the Italian Apennines. In fact, the structure at Welchau is so large you can actually see it from space.

Another well was drilled back in the 1980s just five kilometers away from Welchau, the Molln-1 well flowed at 3.5 million per day and had 40 barrels of condensate for every 1000 cubic feet of natural gas. This well was never produced probably due to economic reasons at that time when companies were mainly looking for oil. 

The existence of this well strongly suggests that there is gas and condensate in the system with a good sealing layer, helping significantly de-risk the project for the company. 

The company is moving quickly on the Welchau gas prospect agreeing to fund the Welchau-1 well costs up to 50% of the cap of EUR 5.1 million to earn a 25% economic interest in the Welchau Investment Area. The Welchau gas prospect has significant gas resource potential, located in the heart of Europe at a relatively shallow drill depth and proximal to gas pipelines. Welchau is targeting the same reservoirs as the nearby Molln-1 well, which tested gas in 1989.

The company announced that its investment partner and operator, ADX Energy Ltd., had spudded the Welchau well on February 24, 2024 Drilling is expected to take 39 days. 

German Assets: Genexco Acquisition Brings Licenses for Four Large-Scale Project Areas

In April 2023, MCF Energy (TSXV:MCFOTC:MCFNFacquired 100% of Genexco GmbH, a private German oil and gas company. This acquisition helped position the company as a future leader in natural gas exploration in Germany with 100% ownership of four licenses of  German natural gas exploration and development projects with a local German speaking staff and office.  

These projects include: 


Lech is a concession in Bavaria covering 10 square kilometers with three previously drilled wells and two discoveries. One well tested gas at a rate of over 24 MMCFD and a second, deeper well which produced oil with gas at a rate of about 180 BOPD.  The third well encountered the Oil/Water contact in a separate fault block from the discovery wells. 

Reentry of the property’s Kinsau #1 well is planned in Q2 of 2024. This is the gas well which tested at a maximum flow rate of over 24 MMCFD in 1983. ? With improved stimulation technology over the past 40 years the company hopes to improve on these production rates. 

The company has a 20%interest in an oil and gas exploration license held by Genexco Gas GmbH. MCF's 20% interest in the first well is carried (i.e., does not bear the costs of drilling) up to EUR 5,000,000.

Lech East

The company also acquired Lech East, a substantial natural gas exploration license spanning approximately 100 km² in Southwest Bavaria, Germany, granted by the Bavarian State Ministry of Economic Affairs, Regional Development, and Energy for an initial term of three years. 

Lech East is adjacent to the Lech license area described above.

Modern 3D seismic interpretation, aided by Machine Learning and AI, has yielded very promising prospects, offsetting the significant historical gas and oil discoveries in the Lech license. The company plans a EUR 4.6 million exploration program at Lech East, including well drilling.

Reudnitz Gas Field 

Reudnitz is located approximately 70 kilometers southeast of Berlin in a rural area, with proven phases: Helium (Approx. 0.2%) and methane (14-20%) associated with high nitrogen content (>80%). The gas separation technologies and economics are well established to capture these resources. 

Gaffney Cline & Associates ("GCA") has independently assessed the best estimate (P50) of 118.7 Billion cubic feet (BCF) of Methane, and 1.06 BCF of Helium resource. Separately, GCA has 4.4 million barrels of oil in the shallower Zechstein formation. Red circles are previously drilled wells that found gas. 

Erlenwiese Exploration License

The company also acquired a significant exploration concession named Erlenwiese, spanning 87 km² in Western Germany. 

Erlenwiese is positioned within the Central Rhein Graben hydrocarbon system, essential for Europe's long-term energy security. This block has two well defined drill prospects on seismic. 

MCF has acquired the latest 2D and is in the process of obtaining the available 3D seismic data. The company plans to perform its own AI and Machine-Learning analysis to further supplement and de-risk its geological and geophysical analysis of the area.

MCF Energy Ltd. is Led by a Team with a Proven Track Record of Success

One of the most intriguing aspects of the company’s story is its leadership team. They are a team of executives with a proven history of delivering value for stakeholders in a big way. 

For example, back in 2004, several of the principals of MCF Energy co-founded Bankers Petroleum Ltd. to revitalize the Patos Marinza oil field in Albania. The results were nothing short of astounding. This team helped deliver production growth of over 2,000% by 2015...and they took the company from an initial $7.8 million financing all the way to an acquisition of C$575 million, representing a premium of 98% over its latest closing price.

Then, just a few years later, they did it again. In 2008, BNK Petroleum was spun out of Bankers Petroleum to explore for shale-gas in Europe with two of the team members leading the way. Stakeholders in this spin-off saw the company’s share price shoot up 4,000% and hit a peak market cap of over $900 million.

In fact, BNK Petroleum established explorations in six countries, and became the largest oil and gas rights holder in Europe. 

This “Dream Team” leading the way for MCF Energy (TSXV:MCFOTC:MCFNF) includes...

Jay Park, KC – Executive Chairman & Director

Mr. Park is a renowned energy lawyer and entrepreneur based in London, UK advising global energy projects for over 40 years. Founder of Park Energy Law and former CEO and Chairman of Reconnaissance Energy Africa.

James Hill, P. Geo – CEO & Director

Mr. Hill is a professional geologist with over 40 years of technical and executive level experience in petroleum and natural gas exploration and development. Former Vice President of Exploration for BNK Petroleum and Bankers Petroleum.

Aaron Triplett, CA, CPA – CFO & Corporate Secretary

Mr. Triplett is a Chartered Accountant (2008) and Chartered Professional Accountant (2015) serving the natural resources industry. Experienced Chief Financial Officer formerly with Hillcrest Energy, Angkor Gold and others where he was responsible for all aspects of a company’s financial operations.

Peter Eckhard Oehms – Managing Director, Germany

Mr. Oehms is a geologist and project manager with over 40 years of experience, including previously from 1998 to 2008 at Wintershall, Germany's largest crude oil and natural gas producer; Co-founder of Genexco Gmbh, MCF Energy's 100% owned subsidiary.

General Wesley Clark – Director

General Clark was NATO's Supreme Allied Commander and the Commander-in-Chief of the U.S. European Command. He has received numerous honorary degrees and awards including the Presidential Medal of Freedom, the Silver Star, Purple Heart and honorary knighthoods from the United Kingdom and the Netherlands.

Richard Wadsworth – Director 

Mr. Richard Wadsworth is a petroleum engineer with over 30 years’ experience in operations and management internationally. He was a co-founder, director, and President of Bankers Petroleum. Mr. Wadsworth recently led and developed a 55,000 BOPD oilfield in Iraq with development planned to 230,000 BOPD .

Jeffrey Harder, FCPA, FCA, FCBV, ICD.D – Director

Mr. Jeffrey Harder has more than 40 years’ experience in the natural resources sector. He held several leadership positions with Deloitte Canada, including: Office Managing Partner, Canada business leader, Americas business leader, Global executive committee member and Board of Directors member. 

Executive Summary:

6 Reasons Why MCF Energy Should be Added to your Watchlist:

1. Massive Shift in European Energy Demand: After decades of reliance on cheap Russian natural gas, Europe is now acutely aware of the need for domestic production in order to meet its energy and security needs. The company is strategically positioning itself to capitalize on the ongoing European energy crisis by tapping into significant exploration sites in Austria and Germany with other potential opportunities forthcoming. 

2. First-Mover Advantage: The company is the first new public venture to consolidate large-scale gas prospects in Europe since the outbreak of war in Ukraine.

3. Proven Track Record: Led by an accomplished leadership team with an impressive track record in the European energy and capital markets. 

4. High-Upside Strategic Assets: The company has acquired large-scale, top-tier Austrian and German prospects with a clear path to market and is also evaluating additional potential acquisitions moving forward. 

5. First-Rate Technical Team: A highly skilled technical team with extensive experience in geosciences, geology and operations to identify and develop potentially lucrative European natural gas reserves.

6. Clear Vision: The vision is clear as the company is leveraging its extensive expertise and capital to build the dominant new clean oil and gas company in Europe while delivering value for all stakeholders.  Other companies to watch as the world races for new oil and gas resources:


TotalEnergies (NYSE:TTE) has firmly positioned itself as a leader in the transition to cleaner energy, navigating the complexities of the global energy landscape with a multifaceted strategy. Beyond its substantial investments in natural gas and LNG infrastructure, TotalEnergies is aggressively pursuing renewable energy projects, including solar and wind, to diversify its energy portfolio. This strategic pivot is emblematic of the company's commitment to becoming a net-zero emission entity by 2050, in alignment with the Paris Agreement.

TotalEnergies' approach to oil, its traditional stronghold, is equally forward-thinking. The company is pioneering carbon capture, utilization, and storage (CCUS) technologies and biofuels, aiming to reduce the carbon intensity of its products. Its research and development efforts are geared towards enhancing energy efficiency and pioneering low-carbon solutions, reflecting a deep commitment to sustainability across all its operations.

TotalEnergies represents a balanced opportunity, combining robust traditional energy operations with ambitious forays into the renewable sector. Its proactive stance on climate change and energy diversity signals a long-term growth trajectory aligned with the evolving energy demands of the global market.

Eni (NYSE:E) distinguishes itself with a strategic focus that balances its rich heritage in oil and gas with a clear vision for the energy future. Eni's advancements in the natural gas sector, particularly its significant discoveries in the Mediterranean, underscore its role in securing Europe's energy supply while transitioning to cleaner energy sources. The company's commitment to sustainability is further evidenced by its investments in renewable energy projects, including solar, wind, and biomass, aiming to reduce its carbon footprint and foster a more sustainable energy ecosystem.

Innovation lies at the heart of Eni's operations, with a significant emphasis on developing advanced technologies to enhance the environmental sustainability of its oil and gas operations. Its initiatives in green refining and the development of proprietary technologies to convert fossil fuels into renewable energy sources highlight Eni's proactive approach to addressing the dual challenge of meeting global energy demand while reducing environmental impact.

Eni not only values its traditional energy roots but is also deeply invested in the transition to a more sustainable energy future. Eni's strategic investments and commitment to innovation and sustainability position it well to navigate the uncertainties of the global energy market while offering potential for growth and stability.

Equinor (NYSE:EQNR), with its strategic pivot towards renewable energy, is emerging as a key player in Europe's green transition. Norway's energy powerhouse is leveraging its extensive experience in offshore operations to lead in offshore wind, a critical component of Europe's renewable energy strategy. Equinor's investment in carbon capture and storage (CCS) and hydrogen projects further underscores its commitment to a low-carbon future, aligning its business model with global sustainability goals.

Equinor's oil and gas operations continue to be optimized for efficiency and sustainability, with a focus on reducing emissions and enhancing safety measures. The company's leadership in electrifying offshore platforms, a move aimed at cutting greenhouse gas emissions from oil and gas production, exemplifies its innovative approach to traditional energy sectors.

For investors, Equinor offers an enticing mix of traditional energy expertise and leadership in the renewable energy sector. Its strategic investments in green energy and commitment to sustainability make it an attractive option for those looking to invest in the energy transition, with Equinor positioned as a frontrunner in shaping the future of global energy.

BP plc (NYSE:BP) stands as a beacon of innovation and adaptability in the global energy sector, notably within Europe's evolving energy landscape. In response to the continental shift towards cleaner energy sources, BP has significantly increased its investments in the natural gas arena, including the development of pipelines and liquefied natural gas (LNG) terminals. This strategic pivot not only aligns with the demand for cleaner-burning fuels but also underscores BP's commitment to a sustainable energy future.

Despite the burgeoning focus on natural gas, oil remains a cornerstone of BP's business model. The company has embarked on multiple initiatives aimed at ensuring that its oil exploration and production processes are sustainable, emphasizing the reduction of environmental impacts and the optimization of production efficiency. These efforts highlight BP's recognition of the need to balance traditional energy sources with the global shift towards sustainability.

BP presents a multifaceted opportunity, characterized by a blend of traditional strength in oil and proactive expansion into natural gas and hydrogen. BP's strategic initiatives in sustainable exploration, combined with its adaptation to emerging energy trends, position it as a leading entity in the drive towards a more diversified and sustainable energy portfolio.

Shell plc (NYSE:SHEL) is navigating the complex dynamics of the global energy market with a diversified and forward-thinking strategy. The company has significantly expanded its ventures in natural gas and LNG terminals, reflecting a concerted effort to adapt to Europe's changing energy consumption patterns towards cleaner energy sources. Shell's investments in traditional gas pipelines and state-of-the-art LNG facilities are pivotal to its strategy, underscoring its role in facilitating the continent's energy transition.

Shell's approach to the energy sector is characterized by its commitment to diversity and innovation. The company's extensive oil operations provide a foundation of stability and robustness, while its strategic investments in natural gas and emerging technologies like hydrogen and carbon capture underscore its vision for the future of energy.

Shell offers a comprehensive approach to the energy sector, combining the reliability of traditional energy operations with strategic growth in cleaner energy sources. Shell's efforts to integrate technological advancements and uphold environmental standards position it as a compelling choice for those seeking to invest in the sustainable transformation of the global energy landscape.

MEG Energy Corp. (TSX:MEG) exemplifies innovation within the Canadian oil sands sector, driving forward with its sustainable in situ oil sands development and production strategies. Through the deployment of its proprietary HI-Q® technology, MEG Energy is setting new standards for operational efficiency and environmental stewardship in Alberta, Canada. This technology is a game-changer, aimed at reducing operational costs and enhancing resource recovery rates, underscoring MEG's commitment to responsible development through reduced greenhouse gas emissions and water usage.

With a strategic focus on maximizing the value of its considerable oil sands assets, MEG Energy has established a framework for financial discipline and operational excellence. This approach has positioned MEG to generate substantial free cash flow, showcasing the company's robust production base and dedication to cost reduction and operational improvements.

Looking ahead, MEG Energy's trajectory towards operational excellence and financial robustness is clear. The company's unwavering focus on sustainable development and technological efficiencies marks it as an attractive investment opportunity for those interested in a company that places a high priority on environmental and economic sustainability within the Canadian oil sands sector.

Whitecap Resources Inc. (TSX:WCP) operates as a growth-oriented company, skillfully navigating the acquisition and development of conventional oil and natural gas resources in the Western Canadian Sedimentary Basin. Whitecap's strategic synthesis of disciplined acquisition and development of low-decline assets, coupled with a strong focus on operational efficiencies and cost control, delineates its pathway to creating sustainable shareholder returns.

The company's commitment to responsible energy development is reflected in its initiatives to reduce its carbon footprint and enhance overall sustainability. Whitecap's dedication to environmental stewardship, bolstered by its efforts to maintain strong governance practices and foster positive community relations, positions it as a leader in sustainable energy development.

Canadian Natural Resources (TSX:CNQ) commands a diverse and formidable portfolio, particularly highlighted by its ventures into the natural gas sector within the Montney and Duvernay regions. This strategic engagement reflects a broader ambition to harness Canada's vast gas potential effectively.

Oil, nonetheless, remains a pivotal element of CNRL's success narrative. With a diversified asset base spanning oil sands to heavy crude, CNRL demonstrates operational versatility and a commitment to sustainable practices and cost efficiencies.

Investors looking at CNRL are presented with a powerhouse in the energy sector, where the amalgamation of extensive natural gas projects and a solid foundation in oil operations positions it as a dominant contender, ready to meet the future energy demands with a sustainable and efficient approach.

Birchcliff Energy Ltd. (TSX:BIR) is a company in the Canadian oil and natural gas sector, with a primary focus on high-quality assets in the Montney/Doig Resource Play. This strategic emphasis allows Birchcliff to harness the potential of one of North America's premier resource plays, contributing significantly to its production and reserve growth. The company's dedication to operational excellence and cost efficiency has positioned it as a low-cost producer, optimizing returns even in fluctuating market conditions.

Birchcliff Energy is focused on sustainable growth, leveraging its strong asset base and operational efficiencies to navigate the evolving energy landscape. With an eye towards enhancing shareholder value, the company is well-positioned to capitalize on opportunities within the Montney/Doig Resource Play, making it an attractive proposition for those invested in the Canadian energy sector.

By. Tom Kool

Forward-Looking Statements

This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that large oil and gas companies will continue to focus on offshore natural gas resources; that domestic onshore natural gas assets in Europe will provide a more affordable energy source than offshore resources; that demand for natural gas will continue to increase in Europe and Germany; that Russia will not supply the majority of natural gas in Germany and Europe; that natural gas will continue to be utilized as a main energy source in Germany and other European countries and demand for natural gas, and in particular domestic natural gas, will continue and increase in the future; that MCF Energy Ltd. (the “Company”) can replicate the previous success of its key investors and management in developing and selling valuable energy assets; that the natural gas projects of the Company will be successfully tested and developed; that the Company can develop and supply a safe, domestic source of energy to European countries; that natural gas will be reclassified as sustainable energy which will support the development of the Company’s assets; that imports of liquified natural gas will not be sustainable for Europe and that European countries will need to rely on domestic sources of natural gas; that the Company expects to obtain significant attention due to its upcoming drilling plans combined with Europe desperate for domestic natural gas supply; that the upcoming drilling on the Company’s projects will be successful; that the Company’s projects will contain commercial amounts of natural gas; that the Company can finance ongoing operations and development; that the Company can achieve its business plans and objectives as anticipated. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information.  Risks that could change or prevent these statements from coming to fruition include that large oil and gas companies will start focusing on the development of domestic natural gas resources; that the natural gas resources of competitors will be more successful or obtain a greater share of market supply; that offshore liquified natural gas assets will be favored over domestic resources for various reasons; that alternative technologies will replace natural gas as a mainstream energy source in Europe and elsewhere; that demand for natural gas will not continue to increase as expected for various reasons, including climate change and emerging technologies; that political changes will result in Russia or other countries providing natural gas supplies in future; that the Company may fail to replicate the previous success of its key investors and management in developing and selling valuable energy assets; that the natural gas projects of the Company may fail to be successfully tested and developed; that the Company’s projects may not contain commercial amounts of natural gas; that the Company may be unable to develop and supply a safe, domestic source of energy to European countries; that natural gas may not be reclassified as sustainable energy or may be replaced by other energy sources; that the upcoming drilling on the Company’s projects may be unsuccessful or may be less positive than expected; that the Company’s projects may not contain commercial amounts of natural gas; that the Company may be unable to finance its ongoing operations and development; that the Company can achieve its business plans and objectives as anticipated; that the Company may be unable to finance its ongoing operations and development; that the business of the Company may be unsuccessful for various reasons. The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.


This communication is for entertainment purposes only. Never invest purely based on our communication. We have not been compensated by MCF Energy Ltd. for this article but may in the future be compensated to conduct investor awareness advertising and marketing for MCF Energy Ltd. While the opinions expressed in this article are based on information believed to be accurate and reliable, such information in our communications and on our website has not been independently verified and is not guaranteed to be correct. The content of this article is based solely on our opinions which are based on very limited analysis and we are not professional analysts or advisors.

SHARE OWNERSHIP AND NOTIFICATION OF BIAS. The owner of Oilprice.com owns shares of MCF Energy Ltd. and therefore has an incentive to see the featured company’s stock perform well. The owner of Oilprice.com will not notify the market when it decides to buy more or sell shares of MCF Energy Ltd. in the market. The owner of Oilprice.com will be buying and selling shares of this issuer for its own profit. Accordingly, our views and opinions in this article are subject to bias, and we stress that you should conduct your own extensive due diligence regarding the Company as well as seek the advice of your professional financial advisor or a registered broker-dealer before you consider investing in any securities of the Company or otherwise. 

NOT AN INVESTMENT ADVISOR. Oilprice.com is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation.  You should not treat any opinion expressed herein as an inducement to make a particular investment or to follow a particular strategy, but only as an expression of opinion. The opinions expressed herein do not take into account the suitability of any investment with your particular objectives or risk tolerance. Investments or strategies mentioned in this article and on our website may not be suitable for you and are not intended as recommendations.

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  • Mamdouh Salameh on March 06 2024 said:
    A drowning man will clutch at a straw. This is now the case of Europe. It was conned and pressurized by the United States to impose sanctions on Russia, ban Russian oil and gas imports and contribute billions of dollars in financial and military aid to Ukraine where it has no vital interests.

    Now it is virtually dependent on US LNG supplies being forced to pay prices reported to be 3-4 times higher than the US sells its LNG at home and certainly higher than the cheap and bountiful Russian piped gas on which European economies have been built since the 1970s.

    Buying US LNG has become such a financial drain on Europe's financial resources that its economic growth has plunged to 0.6% in 2023 and is projected to hit 0.8% in 2024 according to the EU Secretariat latest estimate,

    And now we are told of two countries that could break Putin's gas grip on Europe: Austria and Germany. Is it a joke or a pipe dream? Is it possible that Europe didn't know about them or is it a case of a drowning man clutching at a straw?

    The only way for Europe to pull back from the precipice is to resume importing the cheap and bountiful Russian piped gas once the Ukraine conflict is eventually settled.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert
  • Capitalist Roader on March 09 2024 said:
    "If you look at it, Germany is a captive of Russia. They got rid of their coal plants, they got rid of their nuclear, they're getting so much of their oil and gas from Russia. "Germany will have almost 70 percent of their country controlled by Russia with natural gas. You tell me, is that appropriate?"
    President Donald Trump, Brussels, 11 Jul 2018

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