Under the Glass: "up to US$567 million" per prospect, on numbers no qualified evaluator signed

CanCambria Energy (TSXV: CCEC)

CanCambria signed for a 215 square kilometre 3D seismic survey over ten oil prospects in southern Hungary, at a cost of about US$2.6 million, with field work from November 1 to mid-December.

The release says each prospect targets "mean prospective net revenue of up to US$567 million, net of royalties and taxes." The footnote: an oil price of US$70 a barrel, royalty and tax at 46%, a mean field size of 15 million barrels of oil equivalent, while the P50 base case is 1.5 million. The company adds that it "is unable to confirm that the information was prepared by a qualified reserves evaluator or auditor" and that the figures are "not an estimate of the reserves, resources, or asset characteristics." By our arithmetic, the P50 case is a tenth the size of the mean that drives the headline number.

QIMC (CSE: QIMC)

QIMC completed 63.7 line kilometres of 2D seismic in Cumberland County, Nova Scotia, expanded from a planned 50, targeting what it calls hydrogen, helium and natural gas "hot zones." It cites more than 10,000 soil gas samples and 3,500 metres of core. The release gives no cost, no gas concentrations and no depths.

Stardust Solar (TSXV: SUN)

Stardust Solar closed C$641,000 of secured convertible debenture units with KW Capital Partners: 12% cash interest, 25% on default, conversion at C$0.075 in year one and C$0.10 after, and 13,333 warrants at C$0.10 per C$1,000 unit. The money repays a debenture issued February 17, 2026. By our arithmetic the warrants total about 8.5 million, and full conversion at C$0.075 would add about 8.5 million more shares.

Sources: CanCambria Energy; QIMC; Stardust Solar.