(Oil & Gas 360) – CanCambria Energy Corp. (TSXV: CCEC) (FSE: 4JH) is pleased to announce that it has been granted its first drilling permit from the Hungarian Mining Directorate for the CC- Ba-E-2 appraisal well at its 100% owned Kiskunhalas tight gas project in Hungary’s Pannonian Basin.
The CC-Ba-E-2 is the first of two initial appraisal wells the Company plans to drill with a planned total depth of 4,000 m. The Company has submitted its drilling application to the Directorate for its second appraisal well, CC-Ba-E-3, and expects to receive the permit in due course. Staking continues across the Kiskunhalas project as the Company continues to build its inventory of wells.
“Receiving approval for our initial appraisal well in the field is a significant milestone for CanCambria and we are excited to be able to commence drilling in the coming months. We are very encouraged at the speed with which we were able to receive the required permit from the Hungarian Mining Directorate and are looking forward to receiving our second appraisal well permit shortly,” said Dr. Paul Clarke, CEO of CanCambria. “Our focus remains on leveraging advanced technologies and a data-driven approach to commercialize this significant recoverable gas resource and capitalize on strong natural gas pricing in Hungary and across Europe.”
CanCambria controls a 100% working interest and 98% net royalty interest on over 32,500 acres of land at Kiskunhalas in the Pannonian basin, a proven, under-exploited hydrocarbon basin in southern Hungary that has produced over 12 billion BOE to date. The Company has identified over 50 low-risk well locations at Kiskunhalas and has plans to commence drilling on their first appraisal well later this year.
About CanCambria Energy Corp.
For additional inquiries, please reach out to:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information other than statements of historical facts contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward- looking information includes statements regarding the Offering, Company’s business plans, expectations, capital costs and objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward- looking information. Forward-looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
