CanCambria Energy Provides Operational Update and Submits Technical Operating Plan for Kiskunhalas Exploration Concession

Rhea-AI Summary

CanCambria Energy (OTCQB: CCEYF) provided an operational update and submitted a Technical Operating Plan for the 945.9 km2 Kiskunhalas Concession Area (KCA) on December 11, 2025. The CC-Ba-E-2 well is permitted and targeted for drilling in H2 2026, with conductor pipe installed and cemented to 72 m and a purchase order placed for tubulars from Tenaris Silcotub with delivery expected on or before June 30, 2026 (US$100,000 deposit paid, ~7% of invoice).

The company plans geological work in 2026, a 213 km2 3D seismic program in 2027, selection of at least two deep well locations for potential 2029 drilling, and has added 2,000 acres and 12 well locations to its development plan. CanCambria is seeking a strategic partner to underwrite part of the KCA program.

Positive

• CC-Ba-E-2 well permitted and targeted for H2 2026
• 20-inch conductor pipe installed and cemented to 72 m
• Purchase order placed for tubulars with delivery by June 30, 2026
• TOP submitted for 945.9 km2 Kiskunhalas Concession Area
• Planned 213 km2 3D seismic program in 2027
• KCA expanded by 2,000 acres and 12 well locations

Negative

• Company is actively seeking a strategic partner to underwrite part of the KCA work program
• Critical long-lead items and infrastructure recommissioning are required to meet the mid-2026 drilling target
• Tubulars purchase included a US$100,000 deposit (~7%), indicating substantial remaining capital commitments

Key Figures

Current price $0.34126 Prior to publication on Dec 11, 2025

52-week range $0.0656–$1.01 52-week low and high before this news

Conductor pipe depth 72 m 20-inch conductor pipe installed for CC-Ba-E-2 well

Deposit paid US$100,000 Deposit for CC-Ba-E-2 tubulars and casing

Kiskunhalas area 945.9 km² (233,737 acres) Kiskunhalas Concession Area under Technical Operating Plan

Existing 3D seismic 400 km² 2011-vintage Kiha 3D seismic survey coverage

Existing 2D seismic 3,000 line km Historical 2D seismic data over KCA

Soltvadkert 3D area Over 213 km² Planned 3D seismic acquisition over Soltvadkert Trough in 2027

Market Reality Check

$0.2529 Last Close

Volume Volume 7,837 is slightly above the 20-day average of 6,755 (relative volume 1.16). normal

Technical Price at 0.34126 is trading below the 200-day moving average of 0.37.

Peers on Argus

No peer stocks in the provided universe show momentum flags or same-day headlines, suggesting the move was more company-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 02	Leadership appointments	Positive	+5.3%	Added experienced director and executives to support Kiskunhalas project growth.
Nov 18	Resource evaluation	Positive	+0.9%	Upgraded independent resource evaluation including Kiskunhalas Concession Area.
Nov 13	Board transition	Neutral	+3.3%	Executive chairman retirement with interim structure stressing continuity and strategy.
Oct 16	Strategic advisor	Positive	-2.4%	Engaged bank advisor to seek partner or investor for Kiskunhalas project.
Oct 15	Conference presentation	Positive	+2.4%	Conference presentation showcasing Hungarian tight-gas play and market access.

Pattern Detected

Recent news, especially around Kiskunhalas development and leadership, has more often coincided with positive price reactions, with one notable negative divergence on the strategic advisor engagement.

Recent Company History

This announcement continues a steady stream of updates focused on the Hungarian Kiskunhalas tight-gas project. Since October 2025, the company has highlighted strategic advisor engagement, leadership transitions, conference visibility, upgraded contingent resources, and new board and technical appointments. Price reactions to these prior releases were mostly positive, particularly for leadership strengthening and corporate updates tied to Kiskunhalas. Today’s operational update on drilling preparations and the 2026–2029 work program fits into this broader narrative of systematically advancing the asset toward first drilling.

Market Pulse Summary

This announcement details tangible progress toward drilling the CC-Ba-E-2 well and a structured 2026–2029 work program for the Kiskunhalas Concession Area, including seismic work and future deep wells. It builds on prior resource upgrades and strategic partnership efforts centered on the same asset. Investors may focus on execution of long-lead procurement, timing of infrastructure recommissioning, and the success of the ongoing partner search to underwrite portions of the planned program.

Key Terms

conductor pipe technical

"has safely installed and cemented the 20-inch conductor pipe, to a setting depth"

A conductor pipe is the large, first-length metal tube installed at the top of a drilling well to keep loose soil and seawater out and to anchor the rest of the well structure—think of it as the foundation or outer shell of a building that holds everything steady. For investors, its quality and timely installation affect project safety, regulatory approval, cost and schedule, so problems or delays with the conductor pipe can increase expense, risk and downtime.

tubulars technical

"purchase order with Tenaris Silcotub (Romania) for tubulars (drill casing)"

Tubulars are steel pipes and related pipe products used in oil and gas wells — for example, casing, tubing and drill pipe — that form the well’s internal “plumbing.” Investors watch tubulars because their sales and prices closely track drilling activity and energy investment: more drilling raises demand and boosts revenues for manufacturers and suppliers, while downturns reduce orders and can signal strain across the energy supply chain.

tight-gas field technical

"preparations for drilling of the Kiskunhalas tight-gas field, via the CC-Ba-E-2"

A tight-gas field is a deposit of natural gas trapped in dense rock that does not let gas flow easily, so producers must use special techniques like horizontal drilling and hydraulic fracturing to extract it — imagine squeezing honey from a stiff sponge. It matters to investors because these fields can hold large reserves but require higher upfront costs, longer development times and greater regulatory and environmental scrutiny, all of which affect profitability and risk.

3D seismic technical

"2011-vintage 400 km² Kiha 3D seismic survey and over 3,000-line km of 2D"

A 3D seismic survey is a method that sends sound waves into the ground and records their echoes to create a three-dimensional image of underground rock layers, similar to an ultrasound that reveals structures beneath the skin. For investors, it matters because clearer images reduce the chance of drilling dry holes, improve estimates of how much oil or gas might be recoverable, and therefore lower development risk and inform valuation and capital allocation decisions.

2D seismic technical

"400 km² Kiha 3D seismic survey and over 3,000-line km of 2D seismic"

2D seismic is a geophysical survey that sends sound waves into the ground and records a single cross‑sectional slice of the subsurface to reveal layers and large structures. Investors use it as a low‑cost way to assess geological risk and potential for oil, gas or mineral targets before deciding whether to fund more detailed, expensive studies; think of it as a single X‑ray slice that helps decide if further scans are worth the investment.

Miocene basin technical

"Soltvadkert Trough (over 213 km2), a largely underexplored Miocene basin"

A Miocene basin is a geologic low area that collected sediments and organic material during the Miocene epoch (roughly 23 to 5 million years ago), leaving layered rock, clay and sand deposits. For investors, these basins matter because their layered structure often hosts oil, natural gas, groundwater, mineral deposits or geothermal resources, and therefore can influence the value and risk of exploration, drilling, land development or environmental cleanup — think of it like a natural layered sponge or cake that stores valuable fluids.

natural gas pipeline technical

"recommissioning of the existing "in-field", infrastructure, namely the 4-inch natural gas pipeline"

A natural gas pipeline is a long network of steel or plastic tubes and compressor stations that move natural gas from production sites to power plants, factories, and homes, like a highway system for fuel. For investors it matters because pipelines are physical assets that earn fees for transporting gas, so their revenue, value, and risk depend on gas demand, pipeline capacity and reliability, regulatory rules, and interruptions that can halt payments.

contingent resources technical

"The second assessment will be contingent on the results of the planned 3D seismic"

Contingent resources are quantities of natural resources (like oil, gas, or minerals) that have been discovered and estimated but are not yet counted as proven reserves because there are unresolved hurdles—technical, legal, financial, or market-related—that must be cleared before they can be produced. For investors, they represent potential future value: like a locked safe containing cash that could increase a company's worth if the lock is opened, but with no guarantee until the obstacles are removed.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - December 11, 2025) - CanCambria Energy Corp. (TSXV: CCEC) (FSE: 4JH) (OTCQB: CCEYF) ("CanCambria" or the "Company") is pleased to provide an operational update within the BA-IX Mining License area including preparations for drilling of the Kiskunhalas tight-gas field, via the CC-Ba-E-2 well location. The well is permitted, approved and anticipated to be drilled in H2 2026.

In order to meet this timeline, the Company has committed to the following:

• Installation of conductor pipe
• Executed purchase order for tubulars and casing
• Pipeline preparedness activities to ensure take-away capacity for first well

Olvisz98 (a Hungarian approved service company and strategic partner to the Company) has safely installed and cemented the 20-inch conductor pipe, to a setting depth of 72 m. This operation constitutes the official start of the CC-Ba-E-2 well construction.

The Company has also signed a purchase order with Tenaris Silcotub (Romania) for tubulars (drill casing) for the CC-Ba-E-2 well, with delivery anticipated on or before June 30, 2026. A deposit of US$100,000 has been paid (approximately 7% of the total invoice), with fabrication anticipated to commence in early 2026.

The Company also expects commencing the recommissioning of the existing "in-field", infrastructure, namely the 4-inch natural gas pipeline connection to the gas storage facility located at Zsana (operated by MVM Gas Storage Ltd.) in early Q1 2026.

CanCambria is also pleased to announce that the Company has submitted the Technical Operating Plan ("TOP") for their 945.9 km² (233,737 acres) Kiskunhalas Concession Area ("KCA"). The TOP confirms CanCambria's commitment to the 2026-2029 exploration program for the KCA, including:

• Geological and geophysical studies throughout 2026 to integrate historical well and production data from the KCA to refine multiple conventional and unconventional leads and prospects identified from the 2011-vintage 400 km² Kiha 3D seismic survey and over 3,000-line km of 2D seismic of various vintages.

• In 2027, a 3D seismic acquisition and processing program covering the Soltvadkert Trough (over 213 km2), a largely underexplored Miocene basin considered prospective for tight gas and accommodating several small legacy oil fields.

• Based on the results of the 3D seismic campaign, a minimum of two deep well locations will be selected for potential drilling in 2029.

The Company has fully integrated the Kiskunhalas "extension area" into the existing tight-gas fairway in the Kiskunhalas Trough, adding 2,000 acres and 12 well locations to the field development plan. Two additional prospective resource assessment studies are in the planning stage. The first will evaluate the conventional oil-prone section at a shallow depth above 2,000 m, which includes up to 15 prospects. The second assessment will be contingent on the results of the planned 3D seismic targeting the deep tight-gas fairway in the analog basin to the north (Soltvadkert Trough).

The Company is presently seeking a strategic partner to explore and underwrite funding of a portion of the above KCA work program, and the opportunities in this region are marketed as part of the Raiffeisen Bank International AG process previously announced on October 16, 2025.

Dr. Paul Clarke, President and CEO commented "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 proactively 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."

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.

For further information, please contact:

Paul Clarke PhD CEO & President paul.clarke@cancambria.com Larry Busnardo VP, Investor Relations larry.busnardo@cancambria.com

Investor Relations - North America KIN Communications Inc. 604-684-6730 ccec@kincommunications.com Email: info@CanCambria.com Website: www.CanCambria.com

 

CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277688

FAQ

What drilling timeline did CanCambria (CCEYF) announce for the CC-Ba-E-2 well?

The CC-Ba-E-2 well is permitted and anticipated to be drilled in H2 2026.

What infrastructure work is planned before CanCambria drills CC-Ba-E-2 (CCEYF)?

Conductor pipe is installed to 72 m, a tubulars order is placed with delivery by June 30, 2026, and pipeline recommissioning is expected in Q1 2026.

What area does CanCambria's Technical Operating Plan cover for Kiskunhalas (CCEYF)?

The TOP covers a 945.9 km2 Kiskunhalas Concession Area and commits to a 2026–2029 exploration program.

When will CanCambria (CCEYF) run 3D seismic work in the Kiskunhalas area?

A 213 km2 3D seismic acquisition and processing program is planned for 2027.

How many well locations were added to CanCambria's Kiskunhalas plan (CCEYF)?

The company integrated an extension adding 2,000 acres and 12 well locations to the field development plan.

Is CanCambria (CCEYF) seeking partners or funding for the Kiskunhalas program?

Yes, the company is seeking a strategic partner to explore and underwrite part of the KCA work program.