JV Process Progress

Substantial progress has been made in CanCambria Energy Corp.'s (CCEC) joint venture process for its Kiskunhalas deep tight gas project in Hungary. Technical due diligence has been completed, and commercial negotiations are underway with prospective strategic partners. The JV farmout process, led by Raiffeisen Bank International AG, has identified interested parties, and technical assessments have been successfully completed. Commercial negotiations aim to execute a non-binding term sheet, allowing for finalizing due diligence, negotiating long-form transaction documentation, and closing the transaction in 2026. Subject to successful completion of the JV process, initial drilling activities are expected to commence in Q1 2027, with first gas production targeted for mid‑2027.