Cancambria Energy reaches milestone at CC-Ba-E-2 well

Executive Summary

• Cancambria Energy Corp. provided an operational update on its Kiskunhalas Exploration Concession (KCA) in Hungary, confirming the submission of the Technical Operating Plan (TOP) and detailing preparations for the CC-Ba-E-2 well, which is anticipated to be drilled in the second half of 2026.
• The company has initiated physical construction activities, including the installation of the conductor pipe for the CC-Ba-E-2 well and the execution of a purchase order for tubulars and casing with Tenaris Silcotub.
• The 2026-2029 exploration program includes geological studies in 2026, 3-D seismic acquisition in the Soltvadkert Trough in 2027, and the potential drilling of at least two deep wells in 2029.

Key Details

• CC-Ba-E-2 Well Status: The well is permitted and approved, with drilling anticipated in the second half of 2026.
• Conductor Pipe Installation: Olvisz98 safely installed and cemented the 20-inch conductor pipe to a setting depth of 72 metres, marking the official start of well construction.
• Tubulars and Casing: A purchase order was signed with Tenaris Silcotub (Romania) for drill casing. A deposit of $100,000 USD (approx. 7% of total invoice) has been paid. Fabrication is anticipated to commence in early 2026, with delivery on or before June 30, 2026.
• Infrastructure Recommissioning: The company expects to commence recommissioning existing in-field infrastructure, specifically the four-inch natural gas pipeline connection to the MVM Gas Storage Ltd. facility at Zsana, in early Q1 2026.
• Technical Operating Plan (TOP): Submitted for the 945.9-kilometre (233,737-acre) Kiskunhalas concession area, confirming the 2026-2029 exploration program.
• 2026 Activities: Geological and geophysical studies to integrate historical well and production data, refining leads from the 2011-vintage 400 km Kiha 3-D seismic survey and over 3,000 line km of 2-D seismic.
• 2027 Activities: 3-D seismic acquisition and processing program covering the Soltvadkert Trough (over 213 square kilometres), a largely underexplored Miocene basin prospective for tight gas.
• 2029 Activities: Selection of a minimum of two deep well locations for potential drilling based on 3-D seismic results.
• Field Development Plan Update: The Kiskunhalas extension area has been integrated into the existing tight-gas fairway, adding 2,000 acres and 12 well locations to the field development plan.
• Resource Assessment Studies: Two additional prospective resource assessment studies are in planning:
  1. Evaluation of the conventional oil-prone section at shallow depths above 2,000 metres (up to 15 prospects).
  2. Contingent on 3-D seismic results, targeting the deep tight-gas fairway in the Soltvadkert trough.
• Strategic Partnership: The company is seeking a strategic partner to explore and underwrite financing for a portion of the KCA work program, marketed through the Raiffeisen Bank International AG process announced on Oct. 16, 2025.

Notable Quotes

• "Cancambria's growth mindset and business model within the KCA provides access to a significant runway of future appraisal and development opportunities, all of which complement our core business. As we target a mid-2026 drilling schedule, we are pro-actively beginning the procurement of critical long-lead items. We remain fully committed to addressing Europe's energy challenges and driving forward our operational, technical and commercial milestones and look forward to providing further updates in early 2026 on the anticipated resource size, inventory and risk profile to be added to our portfolio." — Dr. Paul Clarke, President and CEO