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CanCambria Energy Corp. (TSXV: CCEC) (FSE: 4JH) (OTCQB: CCEYF) (“CanCambria” or the “Company”) is pleased to announce that it has signed the concession contract for the Kiskunhalas Concession Area (the “KCA”) with the Hungarian Ministry of Energy.
Under the terms of the contract, CanCambria will remit the applicable concession fee within 30 business days of the effective date. The signing formally initiates a four-year exploration period.
Dr. Paul Clarke, CEO of CanCambria, stated: “We are very pleased to have signed this contract and look forward to completing the remaining steps, and closing in the next month. Our team has already begun the integration and interpretation of data from this significant concession area. We believe the project has the potential to support a multi-year drilling portfolio, guided by our team’s technical expertise, disciplined approach, and strong focus on identifying impactful opportunities.”
Technical Summary
The 945.9 km2 concession area includes both unconventional and conventional potential, with a range of existing supporting technical data under license to the company. A highly experienced, integrated subsurface team—including geologists, geophysicists, and petrophysicists—is engaged on this project, which is anticipated to last several months.
The highly prospective, gas-charged fault block associated with the company’s flagship Kiskunhalas Trough asset extends southwest into the KCA. CanCambria has licensed high-quality 2011 vintage 3D seismic over the area and is preparing to reprocess and merge with new proprietary 3D data volumes. Once the prospective area is fully interpreted, a resource assessment will be conducted to support the addition of new well locations to the field development plan (FDP). Initial assessments indicate the seismic amplitude features, indicative of gas-charged reservoirs, are present over 25% of the KCA in the south.
Covering 30% of the KCA to the north, there exists a large, deep Miocene-age basin named the Soltvadkert Trough, which is analogous in many respects to the petroleum play elements in the Kiskunhalas Trough. The area has no existing deep drilling and is largely unexplored, covered only by old 2D seismic. This basin adds several new exploration targets to the portfolio, with the potential to hold several undiscovered hydrocarbon accumulations of potential scale. The Company is currently in discussions with seismic firms to scope the extent of a potential new 3D survey that would image the basin and support the characterization and de-risking process. The CanCambria model of applying new technology is key to unlocking this area.
Additionally, the Company can confirm an assessment of the shallow conventional oil and gas potential across the greater concession area—using standard prospect generation and geologic chance-of-success methods—is underway. Numerous oil and gas accumulations have been discovered in the general area over the last several decades, and the Company hopes to have an assessment of these opportunities (in terms of size and risk) by year-end. CanCambria will update the market as plans for the above become available.
About CanCambria Energy Corp.
CanCambria Energy Corp. is a Canadian-based exploration and production company specializing in tight gas development. With a globally experienced leadership team, CanCambria focuses on high-quality, de-risked projects with direct access to profitable markets. Leveraging industries’ most advanced technologies they aim to commercialize their flagship asset, the 100% owned Kiskunhalas Project in southern Hungary, a significant gas-condensate resource in the heart of Europe.
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Certain information other than statements of historical facts contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the Offering, Company’s business plans, expectations, capital costs and objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking information. Forward-looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.other than as required by law.
