Dr. Paul Clarke reports

CANCAMBRIA ENERGY PROVIDES OPERATIONAL UPDATE AND SUBMITS TECHNICAL OPERATING PLAN FOR KISKUNHALAS EXPLORATION CONCESSION

Cancambria Energy Corp. is providing an operational update within the BA-IX mining licence area including preparations for drilling of the Kiskunhalas tight-gas field via the CC-Ba-E-2 well location. The well is permitted, approved and anticipated to be drilled in the second half of 2026.

In order to meet this timeline, the company has committed to the following:

• Installation of conductor pipe;

• Executed purchase order for tubulars and casing;

• Pipeline preparedness activities to ensure takeaway capacity for first well.

Olvisz98 (a Hungarian approved service company and strategic partner to the company) has safely installed and cemented the 20-inch conductor pipe, to a setting depth of 72 metres. This operation constitutes the official start of the CC-Ba-E-2 well construction.

The company has also signed a purchase order with Tenaris Silcotub (Romania) for tubulars (drill casing) for the CC-Ba-E-2 well, with delivery anticipated on or before June 30, 2026. A deposit of $100,000 (U.S.) has been paid (approximately 7 per cent of the total invoice), with fabrication anticipated to commence in early 2026.

The company also expects commencing the recommissioning of the existing in-field infrastructure, namely the four-inch natural gas pipeline connection to the gas storage facility located at Zsana (operated by MVM Gas Storage Ltd.) in early first quarter, 2026.

Cancambria is also pleased to announce that the company has submitted the technical operating plan (TOP) for its 945.9-kilometre (233,737-acre) Kiskunhalas concession area (KCA). The TOP confirms Cancambria's commitment to the 2026-2029 exploration program for the KCA, including:

• Geological and geophysical studies throughout 2026 to integrate historical well and production data from the KCA to refine multiple conventional and unconventional leads and prospects identified from the 2011-vintage 400 km Kiha 3-D seismic survey and over 3,000-line km of 2-D seismic of various vintages;

• In 2027, a 3-D seismic acquisition and processing program covering the Soltvadkert Trough (over 213 square kilometres), a largely underexplored Miocene basin considered prospective for tight gas and accommodating several small legacy oil fields;

• Based on the results of the 3-D seismic campaign, a minimum of two deep well locations will be selected for potential drilling in 2029.

The company has fully integrated the Kiskunhalas extension area into the existing tight-gas fairway in the Kiskunhalas trough, adding 2,000 acres and 12 well locations to the field development plan. Two additional prospective resource assessment studies are in the planning stage. The first will evaluate the conventional oil-prone section at a shallow depth above 2,000 metres, which includes up to 15 prospects. The second assessment will be contingent on the results of the planned 3-D seismic targeting the deep tight-gas fairway in the analog basin to the north (Soltvadkert trough).

The company is presently seeking a strategic partner to explore and underwrite financing of a portion of the above KCA work program, and the opportunities in this region are marketed as part of the Raiffeisen Bank International AG process previously announced on Oct. 16, 2025.

Dr. Paul Clarke, president and chief executive officer, commented: "Cancambria's growth mindset and business model within the KCA provides access to a significant runway of future appraisal and development opportunities, all of which complement our core business. As we target a mid-2026 drilling schedule, we are pro-actively beginning the procurement of critical long-lead items. We remain fully committed to addressing Europe's energy challenges and driving forward our operational, technical and commercial milestones and look forward to providing further updates in early 2026 on the anticipated resource size, inventory and risk profile to be added to our portfolio."

About Cancambria Energy Corp.

Cancambria Energy 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 industries' most advanced technologies, it aims to commercialize its flagship asset, the 100-per-cent-owned Kiskunhalas project in southern Hungary, a significant gas-condensate resource in the heart of Europe.

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