Cancambria forms subsidiary for KCA exploration

Executive Summary

• Cancambria Energy Corp. has established a wholly owned Hungarian subsidiary, Cancambria Kiskunhalas Koncesszios Ltd., to lead exploration and appraisal activities in the newly awarded Kiskunhalas concession area (KCA).
• The KCA covers 945.9 square kilometers and is contiguous to the company's existing Ba-IX mining licence, significantly expanding the company's strategic footprint and resource potential in the region.
• Initial operational plans include updating resource estimates, evaluating new 3-D seismic acquisition programs, and integrating historical data to refine leads in the deep tight gas play.

Key Details

• Subsidiary Establishment: Created "Cancambria Kiskunhalas Koncesszios Ltd." as a wholly owned subsidiary to manage the KCA.
• Kiskunhalas Concession Area (KCA) Details:
  • Size: 945.9 square kilometers (233,737 acres).
  • Location: Contiguous to the company's 131.9 square km (32,500 acres) Ba-IX mining licence.
  • Strategic Impact: Strengthens strategic footprint and enhances resource potential.
• Planned Exploration & Appraisal Activities:
  • Updating contingent resource estimates and field development plans (FDP) to include KCA areas extending the deep tight gas play in Ba-IX, using existing 3-D seismic data.
  • Evaluating design, feasibility, and costs for a new 3-D seismic acquisition and processing program covering the Soltvadkert trough (an underexplored Miocene basin prospective for tight gas).
  • Integrating historical well and production data from the KCA to refine conventional and unconventional leads identified from the 2011 vintage 400-square-kilometre Kiha 3-D seismic survey.
• Digital Marketing Agreement:
  • Entered into an agreement with Altura Media Co. Inc. for digital marketing services.
  • Term: Two months, extendable upon mutual agreement and TSX Venture Exchange approval.
  • Services: Interactive article-based landing page, custom video/graphic creatives, and digital traffic campaign management.
  • Fee: $125,000, payable upon signing and acceptance by the TSX Venture Exchange.
  • Relationship: Negotiated at arm's length; Altura has no interest in the company.
• Administrative Correction:
  • Correction issued regarding an incorrect version of the 10-per-cent rolling omnibus plan attached to the information circular for the upcoming AGM.
  • Corrected copies filed on SEDAR+ and available on the company website.

Notable Quotes

• None explicitly provided in the text.