Cancambria receives OK for first two appraisal wells

Executive Summary

• Cancambria Energy Corp. received regulatory approval from the Supervisory Authority for Regulatory Affairs of Hungary (SZTFH) for the technical operating plan (TOP) for its first two appraisal wells, CC-Ba-E-2 and CC-Ba-E-3.
• This approval secures all necessary permits to proceed with drilling and completion, marking a key milestone toward advancing the Ba-IX field toward potential commercialization.
• The wells are designed to test multiple intervals across more than 1,000 metres of gross gas-charged reservoir section to gather critical data on production potential and reservoir performance.

Key Details

• Regulatory Body: Supervisory Authority for Regulatory Affairs of Hungary (SZTFH).
• Approved Plan: Technical Operating Plan (TOP/MUT) for drilling and completion.
• Wells Approved: CC-Ba-E-2 and CC-Ba-E-3.
• Location: Ba-IX mining licence.
• Well Design: Designed to test multiple intervals across more than 1,000 metres of gross gas-charged reservoir section.
• Objective: Gather critical data to guide development plans, refine resource estimates, and support evaluation of the Ba-IX mining licence for potential future development.
• Strategic Impact: Moves the project from regulatory clearance to active drilling/completion phase, supporting growth across the Hungarian project.

Notable Quotes

• "Approval of the technical operating plan for the first two appraisal wells is a key milestone in advancing the Ba-IX field towards potential commercialization. With regulatory clearances in place, we are now clear to proceed with drilling and completion, gathering critical data that will guide our development plan and support growth across our Hungarian project." — Dr. Paul Clarke, President and CEO