CanCambria Energy Corp. (TSXV: CCEC) (FSE: 4JH) (OTCQB: CCEYF) has announced the results of an upgraded independent resource evaluation for its Kiskunhalas tight-gas project in southern Hungary. The report, dated September 30, 2025, was prepared by Chapman Hydrogen and Petroleum Engineering Ltd. and includes the Kiskunhalas Exploration Concession Area, or KCA, awarded to the company in Q1 2025.
#Updated resource assessment
The evaluation reports combined Contingent Resources across all classes of 1.1 Tcf of natural gas and 116.6 MMbbl of condensate.
Within the 2C Development Pending sub-class, the report gives a best estimate of 571.9 Bcf of natural gas and 59.6 MMbbl of condensate/natural gas liquids net to the company. These volumes are net risked recoverable and risked at 80%.
The 2C Development Pending volumes increased by 14%. The KCA contributes 2,000 acres to the overall Contingent Resources area, described by the company as an increase of approximately 27% to the report area. It also adds 480 acres and 12 wells to the Development Pending category.
#Valuation and development plan
For the 2C Development Pending sub-class, the report states an NPV10 of US$1.762 billion before tax. The calculation is discounted at 10%, risked at 80% chance of development and based on a price forecast of January 1, 2025. The report also states a rate of return of over 50%.
The KCA adds an incremental US$ 200 million NPV10 risked valuation, according to the announcement.
The 12 KCA wells are spaced at 40 acres and have been added to the Kiskunhalas tight-gas field development plan. CanCambria said the plan now contains a total of 112 wells across two phases, with each phase comprising 56 wells. The company also stated that the KCA wells are located approximately 1 km from the approved CC-Ba-E3 location.
#Additional appraisal requirements
The 2C Contingent Resources Development Unclarified sub-class increased by 45% to 544.5 Bcf and 57 MMbbl. The company states that further appraisal is required to capture these resources and that they are not included in the valuation described above.
The updated evaluation used CanCambria's 2023/24 proprietary 3D seismic programme, seismic volumes licensed in the KCA from the Hungarian Mining Directorate, including a legacy 2011 survey, and information from legacy wells. The data set included open-hole logs, core, and gas test/production data.
#Project interests and qualifications
CanCambria states that it holds 100% working interest and 98% net revenue interest across the BA-IX mining licence and the KCA for unconventional resource production.
The company cautioned that forward-looking information in the announcement is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors. It said such information should not be read as a guarantee of future performance or results. The Development Unclarified resources remain subject to further appraisal and are excluded from the stated valuation.
#Key Takeaways
- CanCambria announced an upgraded independent evaluation for the Kiskunhalas tight-gas project in southern Hungary.
- Combined Contingent Resources were reported at 1.1 Tcf of natural gas and 116.6 MMbbl of condensate.
- The 2C Development Pending estimate is 571.9 Bcf of natural gas and 59.6 MMbbl of condensate/natural gas liquids, net to the company and risked at 80%.
- The report gives an NPV10 of US$1.762 billion before tax for the 2C Development Pending sub-class, with the valuation risked at 80% chance of development.
- Further appraisal is required for 544.5 Bcf and 57 MMbbl in the Development Unclarified sub-class, which is excluded from the stated valuation.
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