CanCambria Energy Corp has awarded the contract for its proprietary Soltvadkert/Tazlar/Alpar ('STA') Shallow Oil 3D seismic survey to Acoustic Geophysical Services ('AGS') of Hungary. Under the terms of the agreement, AGS is scheduled to commence field operations on November 1, 2026, with field acquisition expected to be completed by mid-December 2026. Land permitting is currently underway.
The STA program will evaluate shallow oil prospects within CanCambria's 100%-owned Kiskunhalas Concession. The total cost of the program, including seismic acquisition and processing, is expected to be approximately US$2.6 million.
CanCambria previously worked with AGS on its 2023-2024 Balotaszállás deep-gas 3D seismic acquisition program. That program delivered high-quality seismic data, supported by a strong safety record and minimal surface disturbance. The new STA survey, located approximately 15 kilometers north of the previous survey area, will cover approximately 2.5 times the area of the Company's 2023-2024 3D seismic program.
Dr. Paul R. Clarke, President, Chief Executive Officer and Interim Chairman of the Board, commented, 'Awarding the STA 3D seismic acquisition contract advances our shallow oil strategy in Hungary. Building on our successful experience with AGS, this program will provide a modern 3D seismic dataset to evaluate and rank our ten identified oil prospects. Our aim is to bring the strongest prospects to drill-ready status and support exploration drilling in 2027.'
The 53,000-acre (215 km2) STA survey encompasses ten prospects identified from legacy seismic data. The broader STA oil fairway is supported by neighboring analog fields that have collectively produced over 160 million barrels of oil equivalent (MMBOE)(1), underscoring the region's resource potential. The area offers significant value creation potential, with each oil prospect targeting mean prospective net revenue of up to US$567 million, net of royalties and taxes(2), providing exposure to a multi-billion-dollar resource value.
Several seismic bright spots and flat spots have been interpreted as potential indicators of hydrocarbon accumulations. The new 3D survey will also cover a historically productive field, enabling calibration of seismic responses against known producing areas and well-log data.
The state-of-the-art, high-resolution, full-azimuth 3D seismic survey will utilize wireless nodal technology and is expected to achieve a maximum fold of 224, with approximately 20,000 source points and 27,000 receiver nodes. The 20 m x 20 m bin spacing is designed to support imaging of the shallow oil objectives.
The exploration workflow is consistent with approaches successfully employed across the broader Pannonian Basin by companies including Vermilion Energy, MOL Group and Aspect Energy. It will evaluate potential direct hydrocarbon indicators alongside mapped structural traps. Where these seismic responses conform to trap geometry, confidence in prospect interpretation can be enhanced.
Following completion of the initial pre-stack time migration, advanced seismic processing is planned, including full waveform inversion, to improve imaging and support the characterization of subsurface elastic properties.
1 Reference: Hydrocarbons in Hungary, 2018. Edited by Z. Kovacs. ISBN: 978-615-00-2313-8 (independent source for production data reported in the KCA region).
2 Legacy Field Size Distribution Analysis: PMean (Swanson) field size of 15 MMBOE. Revenue valuation of US$567 million at an oil price of $70/bbl, net of royalty & tax at 46%. Base case of 1.5 MMBOE corresponds to P50. Combined with creaming curve trend over time, exploration success via application of 3D seismic is constrained to 25 MMBOE.
Soltvadkert/Tazlar/Alpar Shallow 3D Seismic Program Overview
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About CanCambria Energy Corp.
CanCambria Energy Corp. is a Canadian-based exploration and production company specializing in tight gas development. With a globally experienced leadership team, CanCambria focuses on high-quality, de-risked projects with direct access to profitable markets. Leveraging the industry's most advanced technologies, the Company aims to commercialize its flagship asset, the 100% owned Kiskunhalas Project in southern Hungary, a significant gas-condensate resource in the heart of Europe.
Source: CanCambria Energy
