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CanCambria Power Corp. (TSXV: CCEC) (FSE: 4JH) (OTCQB: CCEYF) (“CanCambria” or the “Firm”) is happy to announce that it has signed the concession contract for the Kiskunhalas Concession Space (the “KCA”) with the Hungarian Ministry of Power.
Below the phrases of the contract, CanCambria will remit the relevant concession charge inside 30 enterprise days of the efficient date. The signing formally initiates a four-year exploration interval.
Dr. Paul Clarke, CEO of CanCambria, said: “We’re more than happy to have signed this contract and stay up for finishing the remaining steps, and shutting within the subsequent month. Our workforce has already begun the combination and interpretation of information from this vital concession space. We consider the mission has the potential to assist a multi-year drilling portfolio, guided by our workforce’s technical experience, disciplined strategy, and robust concentrate on figuring out impactful alternatives.”
Technical Abstract
The 945.9 km2 concession space contains each unconventional and standard potential, with a variety of current supporting technical knowledge underneath license to the corporate. A extremely skilled, built-in subsurface workforce—together with geologists, geophysicists, and petrophysicists—is engaged on this mission, which is anticipated to final a number of months.
The extremely potential, gas-charged fault block related to the corporate’s flagship Kiskunhalas Trough asset extends southwest into the KCA. CanCambria has licensed high-quality 2011 classic 3D seismic over the realm and is getting ready to reprocess and merge with new proprietary 3D knowledge volumes. As soon as the potential space is totally interpreted, a useful resource evaluation will likely be carried out to assist the addition of recent properly places to the sector growth plan (FDP). Preliminary assessments point out the seismic amplitude options, indicative of gas-charged reservoirs, are current over 25% of the KCA within the south.
Overlaying 30% of the KCA to the north, there exists a big, deep Miocene-age basin named the Soltvadkert Trough, which is analogous in lots of respects to the petroleum play parts within the Kiskunhalas Trough. The world has no current deep drilling and is essentially unexplored, lined solely by previous 2D seismic. This basin provides a number of new exploration targets to the portfolio, with the potential to carry a number of undiscovered hydrocarbon accumulations of potential scale. The Firm is at present in discussions with seismic corporations to scope the extent of a possible new 3D survey that may picture the basin and assist the characterization and de-risking course of. The CanCambria mannequin of making use of new expertise is vital to unlocking this space.
Moreover, the Firm can verify an evaluation of the shallow standard oil and gasoline potential throughout the larger concession space—utilizing normal prospect era and geologic chance-of-success strategies—is underway. Quite a few oil and gasoline accumulations have been found within the basic space during the last a number of a long time, and the Firm hopes to have an evaluation of those alternatives (by way of measurement and threat) by year-end. CanCambria will replace the market as plans for the above change into obtainable.
About CanCambria Power Corp.
CanCambria Power Corp. is a Canadian-based exploration and manufacturing firm specializing in tight gasoline growth. With a globally skilled management workforce, CanCambria focuses on high-quality, de-risked initiatives with direct entry to worthwhile markets. Leveraging industries’ most superior applied sciences they goal to commercialize their flagship asset, the 100% owned Kiskunhalas Mission in southern Hungary, a big gas-condensate useful resource within the coronary heart of Europe.
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