Distributed on behalf of CanCambria Energy
The European Commission wants to end Europe’s reliance on Russian energy, with plans to ban all Russia gas and liquefied natural gas to EU member states by the start of 2028. All of which is creating a unique opportunity for one of Europe’s most promising natural gas fields operated by CanCambria Energy’s (TSXV: CCEC) (OTCQB: CCEYF).
As noted by Dan Jorgensen, who handles the EU’s energy policies, as quoted by Reuters, “Not only has Putin weaponised energy against us, blackmailed member states, we are actually also indirectly helping finance Putin’s war, and that needs to stop. And if President Trump agrees to that, then that is only a welcome support, because that is certainly our main objective.”
To help, and in an effort to support Hungary’s energy security, CanCambria Energy Corp. signed a concession contract for the Kiskunhalas Concession Area with the Hungarian Ministry of Energy. What makes the Kiskunhalas Concession Area so attractive is its location in the Pannonian Basin of Hungary, which is considered to be a historically production region.
In addition, according to CanCambria Energy Corp., “The Pannonian Basin in southern Hungary is an area of great potential for the development of large-scale, deep tight gas sandstone reservoirs. Many shallow oil and gas fields define this proven, mature petroleum province, although the deeper basin fills (>2,500 m) have, until now, attracted little attention.”
“With supply under threat, the existing pipeline infrastructure, with readily available takeaway and storage capacity throughout the region, now supports the exploration, appraisal, and development of this natural resource.”
Other than CanCambria, some of the other companies to keep an eye on include BP (NYSE: BP), Chevron (NYSE: CVX), Exxon Mobil (NYSE: XOM), and Marathon Petroleum (NYSE: MPC).
Meanwhile, the crisis is creating opportunity in one of Europe’s most promising gas fields.
CanCambria Energy’s (TSXV: CCEC) (OTCQB: CCEYF) Kiskunhalas Project in Hungary
CanCambria Energy’s flagship asset, the Kiskunhalas Project is already a well-defined gas/condensate asset in southern Hungary.
Sitting in Hungary’s prolific Pannonian Basin, which has already produced 13 billion barrels of oil equivalent – the project could become a significant contributor to the EU natural gas supply and the energy security of Hungary, added the company.
Most recently, the company announced that the Supervisory Authority for Regulatory Affairs of Hungary (SZTFH) has approved the Technical Operating Plan (“TOP” or “MÜT” in Hungarian) for the drilling and completion of the planned CC-Ba-É-2 and CC-Ba-É-3 wells within the Company’s Ba-IX Mining License.
This regulatory approval secures all required permits and authorizations to proceed with the drilling and completion of the initial two appraisal wells. This is an important step towards advancing the project to potential commercialization.
Dr. Paul Clarke, President and CEO, stated: “Approval of the Technical Operating Plan for the first two appraisal wells is a key milestone in advancing the Ba-IX field towards potential commercialization. With regulatory clearances in place, we are now clear to proceed with drilling and completion, gathering critical data that will guide our development plan and support growth across our Hungarian project.”
The CC-Ba-É-2 and CC-Ba-É-3 wells are designed to test multiple intervals across more than 1,000 meters of gross gas-charged reservoir section. Data gathered is expected to provide insights into production potential and reservoir performance, refine resource estimates, and support ongoing evaluation of the Ba-IX Mining License for potential future development.
Other related developments from around the markets include:
BP CEO Murray Auchincloss recently said, “This has been another strong quarter for bp operationally and strategically. We are delivering on our plan to grow the upstream and focus the downstream with reliability across both at >96%. So far this year we’ve brought five new oil and gas major projects onstream, sanctioned four more and made ten exploration discoveries, including the significant discovery in Bumerangue block in Brazil. Underlying earnings in our customers business are up around 50% compared to a year ago and trading has delivered well quarter-on- quarter during challenging conditions. Expected proceeds from completed or announced divestments have reached around $3 billion for the year and we have now delivered around $1.7 billion of structural cost reductions since the start of our programme. We have announced a dividend per ordinary share of 8.32 cents, an increase of 4%, and a further $750 million share buyback for the second quarter. We remain fully focused on delivering safely and reliably, investing with discipline and driving performance improvement – all in service of growing cash flow, returns and long-term shareholder value. “
Chevron reported earnings of $2.5 billion ($1.45 per share - diluted) for second quarter 2025, compared with $4.4 billion ($2.43 per share - diluted) in second quarter 2024. Included in the quarter was a net loss of $215 million related to the fair value measurement of Hess Corporation shares, and company pension curtailment costs, partly offset by a gain on the sale of certain non-operated U.S. pipeline assets. Foreign currency effects decreased earnings by $348 million. Adjusted earnings of $3.1 billion ($1.77 per share - diluted) in second quarter 2025 compared to adjusted earnings of $4.7 billion ($2.55 per share - diluted) in second quarter 2024. See Attachment 4 for a reconciliation of adjusted earnings.
Exxon Mobil Guyana started production at Yellowtail, the fourth oil development in Guyana’s offshore Stabroek block. Yellowtail’s ONE GUYANA floating production storage and offloading (FPSO) vessel joins the Destiny, Unity, and Prosperity FPSOs, bringing total installed capacity in Guyana to above 900,000 barrels of oil per day. “Yellowtail’s ahead-of-schedule startup is a significant milestone for ExxonMobil and the people of Guyana,” said Dan Ammann, president of ExxonMobil Upstream Company. “With Guyanese making up more than 67% of the country’s oil-and-gas workforce and over 2,000 local businesses engaged, this project reflects our deepening roots in the country and our shared commitment to long-term, inclusive growth.”
Marathon Petroleum reported net income attributable to MPC of $1.2 billion, or $3.96 per diluted share, for the second quarter of 2025, compared with net income attributable to MPC of $1.5 billion, or $4.33 per diluted share, for the second quarter of 2024. The second quarter of 2025 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $3.3 billion, compared with $3.4 billion for the second quarter of 2024. "Our second quarter results reflect actions we have taken to deliver on our strategic commitments," said President and Chief Executive Officer Maryann Mannen. "In refining, our team delivered 97% utilization and 105% margin capture; and we remain constructive on the long-term outlook. We have advanced our portfolio optimization for today and the future with MPLX's announcement of a $2.375 billion midstream acquisition in the Permian and MPC's $425 million divestiture of its partial interest in ethanol production facilities. We believe execution of our strategic commitments will position our integrated system to deliver industry-leading capital returns and offer a compelling value proposition for our shareholders."
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