Dr. Paul Clarke reports

CANCAMBRIA ENERGY CORP ANNOUNCES UPGRADED RESOURCE EVALUATION TO INCLUDE KISKUNHALAS CONCESSION INCREASING THE CONTINGENT RESOURCES TO 1.1 TCF GAS AND 116.6 MMBBL CONDENSATE

Cancambria Energy Corp. has released the results of the company's upgraded independent resource evaluation report for the Kiskunhalas tight-gas project in southern Hungary, dated Sept. 30, 2025, and prepared by Chapman Hydrogen and Petroleum Engineering Ltd. (CHPE). This report incorporates the additional land acquired by the company through the award of the Kiskunhalas exploration concession area (KCA) in Q1 2025 (see April 1, 2025, press release).

Key highlights

• KCA includes an additional 2,000 acres of overall contingent resources (all classes), an increase of approximately 27 per cent to the report area.
• Adds 480 acres and 12 wells to the development pending contingent resources category.
• 2C contingent resources "development pending" sub class increases by 14 per cent to 571.9 Bcf (billion cubic feet) and 59.6 MMbbl (million barrels) (net risked recoverable).
• NPV10 (net present value, 10-per-cent discount rate) increases by $200-million (U.S.) to approximately $1,762-million (U.S.) for 2C development pending sub-class, risked case.
• Contingent resources overall increase to 1.1 Tcf (trillion cubic feet) natural gas and 116.6 MMbbl condensate.

Dr. Paul Clarke, chief executive officer and president, stated: "We are very pleased with the additional resource capture and valuation attributed to the KCA. Cancambria's technical assessment of the field, driven by our robust technical data set, demonstrates the extension of the play characterized in our previous report (see May 12, 2025, press release). The low-cost acquisition of the KCA is consistent with our business model and presents the opportunity for near-term drilling with wells in the KCA located approximately one km offset from our approved CC-Ba-E3 location. The scale of the project makes this a very attractive venture with the potential of developing a strategic long-life gas field in the heart of Europe."

The company holds 100-per-cent working interest (WI) and 98-per-cent net revenue interest (NRI) across both the BA-IX mining licence and Kiskunhalas concession area (KCA) for unconventional resource production. The KCA adds 2,000 acres to the existing contingent resources area (all classes), an increase of approximately 27 per cent over the BA-IX area. The updated report adds 480 net acres with the development pending sub class for contingent resources, an increase of approximately 10 per cent over the BA-IX area.

The company's 2023/24 proprietary 3-D seismic program was fully utilized in the preparation of the report, in addition to several seismic volumes licensed in the KCA from the Hungarian Mining Directorate, including a legacy 2011 survey. The report integrates legacy wells; the data set provides open-hole logs, core and gas test/production data. The resulting seismic-derived facies models provide a significant improvement over all older characterization efforts.

The CHPE best estimate for contingent resources volumes (2C development pending) is 571.9 billion cubic feet (Bcf) natural gas and 59.6 million barrels (MMbbl) condensate/natural gas liquids net to the company (risked at 80 per cent). These volumes represent an increase of approximately 14 per cent, and are principally attributed to the additional KCA lands.

The CHPE best estimate for contingent resources (2C development pending) net present value discounted at 10 per cent (NPV10), assuming a price forecast of Jan. 1, 2025, is $1,762-million (U.S.) (before tax) risked at 80 per cent chance of development, with a rate of return of over 50 per cent. The KCA adds an incremental $200-million (U.S.) NPV10 risked valuation.

The KCA includes 12 wells, spaced at 40 acres, that are added to the Kiskunhalas tight-gas field development plan (FDP). Cancambria's FDP now comprises a total of 112 wells, with two phases each comprising 56 wells.

Additionally, the 2C contingent resources development unclarified sub class increased by 45 per cent to 544.5 Bcf (billion cubic feet) and 57 MMbbl; further appraisal is required in order to capture these resources, which are not incorporated in the valuation presented above and represent a further upside to the FDP. The combined contingent resources (all classes) is 1.1 Tcf and 116.6 million barrels of condensate.

The complete resources evaluation can be downloaded from SEDAR+.

About Cancambria Energy Corp.

Cancambria Energy is a Canadian exploration and production company specializing in tight gas development. With a globally experienced leadership team, Cancambria focuses on high-quality, derisked projects with direct access to profitable markets. Leveraging industries' most advanced technologies the company aims to commercialize its flagship asset, the 100-per-cent-owned Kiskunhalas project in southern Hungary, a significant gas-condensate resources in the heart of Europe.

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