What's Happening?
CanCambria Energy Corp has announced an upgraded resource evaluation for its Kiskunhalas tight-gas project in southern Hungary. The evaluation, prepared by Chapman Hydrogen and Petroleum Engineering Ltd,
incorporates additional land acquired through the Kiskunhalas Exploration Concession Area. This expansion adds 2,000 acres to the existing contingent resources area, increasing the total contingent resources to 1.1 trillion cubic feet of natural gas and 116.6 million barrels of condensate. The company holds a 100% working interest and a 98% net revenue interest across both the BA-IX mining license and the Kiskunhalas Concession Area. The report highlights a significant increase in the net present value of the contingent resources, with a risked valuation of US$1.762 billion.
Why It's Important?
The expansion of CanCambria Energy Corp's resource evaluation in Hungary is significant for the company's strategic positioning in the European energy market. By increasing its contingent resources, CanCambria is poised to enhance its production capabilities and market presence. The increased valuation and resource capture provide the company with a robust foundation for future development and drilling activities. This development aligns with CanCambria's business model of acquiring low-cost assets with high potential returns, potentially leading to a long-term strategic gas field in Europe. The company's focus on leveraging advanced technologies and its experienced leadership team further strengthens its competitive edge in the industry.
What's Next?
CanCambria Energy Corp plans to continue its development of the Kiskunhalas tight-gas field, with a total of 112 wells planned in two phases. The company aims to capitalize on the increased resources and valuation by advancing its drilling activities and further appraising the development potential of the area. The successful implementation of these plans could lead to significant production increases and further expansion of the company's market share in Europe. Stakeholders, including investors and industry partners, will be closely monitoring the company's progress and strategic decisions in the coming months.
