Announcement • Jul 17

Cancambria Energy Corp. Provides Update on Shallow High-Impact Oil Play in Southern Hungary and Plans 3D Seismic Survey

CanCambria Energy Corp. announced a technical and commercial update for the Soltvadkert/Tazlar/Alpar Shallow Oil Fairway, highlighting continued advancement of the project and outlining key milestones expected to drive value creation going forward. Among these is the Company's plan to acquire its own 3D seismic survey over the STA Fairway, with acquisition currently targeted for late Second Half, 2026 subject to customary regulatory approvals. Emerging shallow oil opportunity within CanCambria's 100%-owned Kiskunhalas Concession Area complements the Company's flagship deep tight-gas project. Ten oil field prospects identified across an 80,000-acre fairway where adjacent oil fields have collectively produced approximately 160 MMBOE. Area analogs indicate a target mean oil field size of approximately 15 MMBOE. Each oil prospect targets mean prospective net revenue of up to USD 567 million (net of royalties and taxes) providing exposure to a multi-billion-dollar resource potential. 3D seismic program planned in Second Half, 2026 to refine final pre-drill prospect definition and advance evaluation of the low-cost, fast-cycle development opportunities, leveraging existing infrastructure. The Company has identified a prospective trend across the STA Fairway, where substantial undeveloped potential has been recognized for both conventional and unconventional hydrocarbon accumulations. The STA Fairway is supported by neighboring analog fields that have collectively produced over 160 million barrels of oil equivalent (MMBOE) underscoring the region's significant resource potential. While the STA Fairway is not currently covered by 3D seismic data, the Company has identified ten leads and prospects based upon 1980s vintage 2D seismic and continues to advance the technical evaluation of these opportunities. The Company estimates a potential mean revenue value for the identified shallow oil opportunities of up to USD 567 million (after royalty and tax). The STA Fairway encompasses the northern portion of the Company's extensive, contiguous 100%-owned Kiskunhalas Concession Area, covering approximately 320 km2 (80,000 acres) – nearly three times the size of the adjacent BA-IX mining license, where CanCambria is advancing appraisal activities on its tight-gas resource. Of particular interest is the established conventional and unconventional oil and gas production from multiple shallow reservoirs at depths of less than 2,000 meters. Nearby fields within this proven hydrocarbon system have collectively produced approximately 160 MMBOE demonstrating the region's productive capacity. Many of these fields were originally discovered using gravity and magnetic surveys, supplemented by limited 2D seismic data, and were developed during the 1970s and 1980s using vertical drilling techniques. As a result, historical recovery factors are believed to be materially below those achievable with modern exploration, drilling, completion, and reservoir management technologies, highlighting the potential for additional resource development across the STA Fairway. Recent activity by MOL Group continues to highlight the renewed industry interest in the STA Fairway, with MOL deploying advanced, seismic-driven exploration workflows and acquiring several new 3D seismic surveys. Most notably, MOL completed the Bocsa 3D seismic survey in January 2026 within their Kiskorös concession, immediately north of the KCA. Building on this momentum, CanCambria is advancing plans to acquire its own 3D seismic survey over the STA Fairway, with acquisition currently targeted for Second Half, 2026, subject to customary regulatory approvals. The survey is expected to significantly enhance subsurface imaging, support prospect maturation, and further refine future exploration and development opportunities across the STA Fairway. The Company expects to provide a prospective resource disclosure, prepared by qualified persons as a National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities report associated with these exploration targets once the new 3D seismic volumes are available and the number, size and risk of these opportunities have been defined. 100% working interest in the KCA, encompassing approximately 233,000 acres in southern Hungary. Focused evaluation area of approximately 80,000 acres within the STA Fairway targeting shallow, oil-weighted exploration opportunities. Located within a proven hydrocarbon fairway adjacent to multiple producing oil and gas fields and established production infrastructure. Continued industry activity in the basin, including recent 3D seismic acquisition programs by offset operators. Considerable interest in the region during the Eighth Concession round that CanCambria won. More than 400 wells drilled across the KCA, supporting cumulative production of approximately 160 MMBOE from over 15 fields. Mean (Swanson) field size of 15 MMBOE production from existing activity. Historic production established from multiple reservoir intervals ranging from Pannonian to Triassic age. Early discoveries utilizing gravity and magnetic surveys yielded approximately 100 MMBOE, while subsequent 2D seismic programs contributed an additional approximately 60 MMBOE through new discoveries and field extensions. Produced oils range from 22° to 40° API gravity. Limited exploration activity since the 1990s, with no modern 3D seismic coverage and minimal application of contemporary drilling and completion technologies. Up-dip shallow gas (including biogenic gas window) is demonstrated from a small number of wells, not valued here by the Company, but will be covered by the new 3D. Ten identified prospects and leads interpreted from legacy 2D seismic and well control data. Multiple conventional and unconventional targets, including Pannonian and Neogene sandstones, Cretaceous carbonates and fractured basement reservoirs. Structural and stratigraphic trapping mechanisms identified across prospect areas ranging from approximately 200 to 2,000 acres. Several prospects exhibit direct hydrocarbon indicators, providing additional exploration confidence. Potential application of modern horizontal drilling and completion technologies across selected unconventional targets. Planned proprietary 3D seismic acquisition targeted for Second Half, 2026 to refine prospect mapping and optimize future drilling locations. Initial drilling anticipated in First Half 2027 following seismic acquisition, interpretation and prospect maturation. Fast-cycle development opportunities with anticipated drill-to-production timelines of approximately one month (target depths range from 1,400 to 2,000 meters). Well count from existing portfolio of prospects is up to 50 locations (vertical). Development activities expected to proceed in parallel with the Company's deep tight-gas appraisal program.

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