Multiple leads & prospects emerging from legacy 2D seismic across a proven hydrocarbon basin that has produced over 160 million BOE to date

CanCambria Energy announces that the Company has identified a shallow 350 km² high-impact exploration trend within the Kiskunhalas Concession Area, southern Hungary (the “KCA”). 

• Evaluation is underway for the newly identified shallow play, providing the Company with multiple additional potential exploration and development opportunities across the KCA.
• CanCambria’s portfolio now features both lower-cost, near-term oil-weighted production potential as well as a contingent mid-term, substantially larger, scalable tight gas development opportunity.

CEO and President, Dr. Paul Clarke, stated, 
“Hydrocarbon discoveries are commonly made by applying new exploration technologies within proven basins, and that is exactly the opportunity we see emerging at Kiskunhalas. Controlling a contiguous land position of this scale, within a basin that has produced more than 160 million BOE, gives us a rare platform to pursue potential new high-impact discoveries. The application of advanced imaging techniques and other best practices, including horizontal drilling, may result in improved success rates and overall recoveries in the region. We see significant opportunity in the KCA, which was last actively developed several decades ago. Over this timeframe, the industry has made significant progress in the development of onshore resources.”

“While we remain focused on the deep tight gas resource development, we are increasingly encouraged by the shallow fairway now being defined across the northern KCA. Plays of this type are seeing a renaissance of activity and investment across the broader region, and adjacent to our acreage position, fueled by strong commodity prices. These targets could support lower-cost, faster-cycle drilling and the potential for multiple satellite accumulations along a broader trend. With new 3D seismic planned, we believe the new exploration program has the potential to unlock significant value.”

Kiskunhalas Shallow Play Fairway

The Company has identified a trend area of approximately 350 km² (86,500 acres) covering the northern portion of the KCA, where significant undeveloped potential has been recognized for both conventional and unconventional hydrocarbon accumulations. While the area is not currently covered by modern 3D seismic data, multiple leads and prospects have been delineated from legacy 2D seismic surveys.

To support this work, MS Energy Solutions Ltd. has been retained to complete an integrated regional desktop study of legacy oil and gas fields across the KCA. The study includes the licensing and interpretation of approximately 500 km of 2D seismic data.

As part of its ongoing technical evaluation, the Company is conducting a detailed assessment of more than twenty historical oil and gas fields located within and adjacent to the KCA. These fields have collectively produced over 160 million BOE, demonstrating the productivity and scale of the regional hydrocarbon system.

Hydrocarbon potential has been identified from several known productive stratigraphic intervals located at average depths of 1,800 meters, along structural features associated with the basement-controlled margins of the Soltvadkert and Alpar Troughs. These zones include the Pannonian, Badenian, Miocene, Cretaceous, Triassic, and naturally fractured Precambrian units. These prospects are interpreted as potential satellite accumulations associated with historic discoveries from the 1960s and 1970s and may represent a “string-of-pearls” style play, where multiple follow-on accumulations are located along a defined structural trend.

Recent 3D seismic acquisition directly north of the KCA within the Kiskőrös Concession Area, operated by MOL Group, highlights continued industry activity and investment in the broader region adjacent to the Company’s acreage position. A further example includes MOL Group’s recent announcement in a September 10, 2025 press release, when the company reported new drilling results in Hungary, highlighting a significant oil discovery with initial rates of 1,000 bbl/d.

Based on the results of these internal studies, the Company intends to undertake a new proprietary 3D seismic acquisition program to further define the size, geometry, and risk profile of the identified prospects. Following acquisition, processing, and interpretation of the new seismic dataset, along with integrated geological modeling, the Company hopes to drill and test the most prospective shallower targets. A timeline will be updated in the coming weeks; the contractual obligations per the Technical Operating Plan (announced on March 5, 2026), have no capital commitments or deadlines in 2026; however, the Company may choose to accelerate this program based upon recent commodity price changes.

The Company expects to provide prospective resource disclosure, prepared by qualified persons as an N.I. 51-101 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.

KeyFacts Energy: CanCambria Energy Hungary country profile   l   KeyFacts Energy Industry Directory: MS Solutions