ANK:CC - Angkor Advances Feasibility for Offshore Production & Changes Auditor
(TheNewswire)
GRANDE PRAIRIE, AB – TheNewswire - (June 28, 2022): Angkor Resources Corp.(TSXV:ANK ) and ( OTC:ANKOF) (“Angkor” or“the Company”) announces on site technicalexperts undertake further intensive research into restartingproduction 160 kilometers southwest of Cambodia at the Block Aoffshore concession.
The Company, with its energy subsidiary, EnerCamResources Corp. (EnerCam), completed a comprehensive report on theissues, the potential, and the results of the production study fromthe Apsara pool and submitted to the Cambodian Ministry of Mines andEnergy (MME) in March, 2022. Following review of that report, MMEfurther requested EnerCam undertake an inspection and assessment ofthe offshore facilities in early May. Since then, to advance thefeasibility of restarting production, EnerCam and technical personnelfrom MME have collaborated in an analysis and review of all availabledata of the concession, which is 100% owned and controlled by MME.
EnerCam President, Mike Weeks, explains, “We broughtin expert geophysicists, geologists, and reservoir engineers to assistin the analysis of the 4000 square kilometers of 3D seismic, the drilllogs, and all other data on the reservoirs of the offshore project. Finding hydrocarbons is one thing, oil recovery 160 kilometers fromshore, at depths of thousands of meters, and handling the water, gas,and varying pressures that comes with recovery, which is oftenestimated at only 10% of what actually is present, evolves to a veryspecialized science. When we add people with decades of practicalexperience to our assessment, this provides insight and feasibility indetermining the best way forward to both restart and also maximizeefficiency of producing from the oil-bearing sands in the reservoir.“
Figure 1 : Geophysicists,geologists, and reservoir engineers reviewing offshore data.
Figure 2: Technicians take pressuresduring inspection.
A technical presentation to MME regarding the resultsand the option to restart production is scheduled for early July,2022.
The Company also announces it has changed its auditorfrom PricewaterhouseCoopers LLP ("Former Auditor") toDavidson & Company LLP ("Successor Auditor") effectiveJune 20, 2022.
Angkor’s board of directors accepted the resignationof the Former Auditor and appointed the Successor Auditor as the newauditor of the Company effective June 20, 2022, and to hold officeuntil the close of the Company's next annual general meeting ofshareholders.
There were no reservations in the Former Auditor'saudit reports for any financial period during which the Former Auditorwas the Company's auditor. There are no "reportable events"(as the term is defined in National Instrument 51-102 - ContinuousDisclosure Obligations) between the Company and the FormerAuditor.
In accordance with National Instrument 51-102, theNotice of Change of Auditor, together with the required letters fromthe Former Auditor and the Successor Auditor, have been reviewed bythe Company's audit committee and board of directors and has beenfiled on SEDAR accordingly.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed onthe TSX-Venture Exchange, and is a leading resource optimizer inCambodia with several mineral licenses in the NE quadrant of thecountry. The company completed negotiations of the ProductionSharing Contract (PSC) terms for Block VIII, a 7,300 square kilometreoil and gas license in Cambodia, and awaits papered approval from thegovernment of Cambodia.
CONTACT:
Delayne Weeks, CEO
Telephone: +1 (780) 831-8722
Email: da@angkorgold.ca Website: http://www.angkorresources.ca
Please follow @AngkorResources on , , , Instagram and .
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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