Cancambria upgrades Kiskunhalas resource to 1.1 Tcf gas

Executive Summary

• Cancambria Energy Corp. announced an upgraded independent resource evaluation for the Kiskunhalas tight‑gas project, now including the newly acquired Kiskunhalas Concession Area (KCA).
• Contingent resources increased to 1.1 TCF of natural gas and 116.6 MMbbl of condensate, a ~27% rise in total area and a 14% increase in the 2C “development pending” subclass.
• Net present value (NPV10) for the 2C development‑pending resources rose by US$200 million to approximately US$1.762 billion, reflecting an over‑50% rate of return.

Key Details

• Additional Land: KCA adds 2,000 acres (≈27% increase) to the resource area; 480 net acres are classified as “development pending” contingent resources.
• Well Count: KCA contributes 12 new wells (40‑acre spacing). Total FDP now comprises 112 wells split into two phases of 56 wells each.
• Contingent Resources – Development Pending (2C):
• Gas: 571.9 Bcf (net to company, risked at 80%).
• Condensate/NGL: 59.6 MMbbl.
• Represents a 14% increase versus prior estimate.
• Contingent Resources – Unclarified (2C): Increased by 45% to 544.5 Bcf and 57 MMbbl; not yet incorporated in valuation.
• Overall Contingent Resources (All Classes): 1.1 TCF gas and 116.6 MMbbl condensate.
• NPV10 (Risked, 80% chance of development): US$1.762 billion for the 2C development‑pending subclass; incremental US$200 million attributable to KCA acquisition.
• Rate of Return: Over 50% on the risked NPV10 basis.
• Ownership Structure: 100% working interest and 98% net revenue interest across both BA‑IX licence and KCA.
• Technical Basis: Evaluation prepared by Chapman Hydrogen & Petroleum Engineering Ltd. (CHPE) using 2023/24 proprietary 3‑D seismic, licensed Hungarian Mining Directorate data, legacy well logs, core, and gas test results.

Notable Quotes

“We are very pleased with the additional resource capture and valuation attributed to the KCA… The low‑cost acquisition of the KCA is consistent with our business model and presents the opportunity for near‑term drilling…” – Dr. Paul Clarke, CEO & President, Cancambria Energy Corp.