ANK:CC - ANGKOR RESOURCES' ENERGY Subsidiary Granted Onshore Exploration and Production License for Cambodia's Oil & Gas
(TheNewswire)
GRANDE PRAIRIE, AB – TheNewswire - October 4, 2022 - Angkor Resources Corp.(TSXV:ANK ) and ( OTC:ANKOF) (“Angkor” or“the Company”) announces its energysubsidiary, EnerCam Resources Corp. (Cambodia) Co. Ltd. (EnerCam) hasreceived final licensing for exploration, development, and productionon Block VIII onshore Cambodia.
Mike Weeks, President of EnerCam,comments , “We are excitedabout moving oil and gas forward in Cambodia as we believe this is amonumental change for the entire country. Having its own long-termsource of energy for LNG, for fuels, and a whole variety of productscurrently imported into Cambodia will advance this country to a newlevel. It starts with exploration on Block VIII; we see gas shows,oil seeps, and other indications on the license that point us in apotential direction for discovery.”
Initial reconnaissance over thelicense area by exploration experts indicates a sedimentary forelandbasin. Geologists performing on-the-ground reconnaissance foundnumerous oil seeps and gas seeps across the targeted areas (see map onfollowing page).
Initial phases of exploration onBlock VIII will include the acquisition of available seismic, whichwill then have comprehensive analysis completed. Preliminarymagnetics on the targeted areas will also be part of the first phasework plan.
The licensed area is on thesouthwest corner of Cambodia. The permitting is for an initialthree-year exploration term and two further renewal terms of two yearseach. Development and production terms are for 25 years withadditional renewals.
Exploration will be undertakenoutside of park areas, part of EnerCam’s ESG mandate so the Companyassists in protecting Cardamon Mountains National Park and PreahMonivong and Kirirom National Parks.
D Weeks, CEO of Angkor, comments,“Until countries have accomplished sourcing sufficient renewableenergy to meet global demand, cleaner and greener use of hydrocarbonsplays a vital role in every country’s energy balance. Cambodianeeds its own source of energy, and we look forward to activelyexploring and producing energy for Cambodia, all the whileestablishing strong ESG principles in a new sector of the country. “
On the impact for people, shecontinues, “This is also a huge opportunity for human resourcedevelopment with a significant new industry sector for Cambodia. Implementing best practices for energy creation with hydrocarbonsbrings positive development and a template for the entire country. We can use what we have learned elsewhere to minimize the carbonfootprint and maximize the benefits to the economy and thepopulation.”
Figure 2 Three Examples of powerplants, gas production and oil production facilities of the EnerCamteam.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed onthe TSX-Venture Exchange, and is a leading resource optimizer inCambodia with multiple mineral licenses in the northern portions ofthe country. In 2022, the company finalized negotiations on theProduction Sharing Contract (PSC) terms for Block VIII, a 7,300 squarekilometre oil and gas license in Cambodia.
CONTACT:
Delayne Weeks, CEO
Telephone: +1 (780) 568-3801
Email: info@angkorresources.com
Website: http://www.angkorresources.com
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.
Certain information set forth in this news release maycontain forward-looking statements that involve substantial known andunknown risks and uncertainties. These forward-looking statements aresubject to numerous risks and uncertainties, certain of which arebeyond the control of the Company, including, but not limited to thepotential for gold and/or other minerals at any of the Company’sproperties, the prospective nature of any claims comprising the Company’s property interests, the impact ofgeneral economic conditions, industry conditions, dependence uponregulatory approvals, uncertainty of sample results, timing andresults o f future exploration, and the availability offinancing . Readers are cautioned that the assumptions used in the preparationof such information, although considered reasonable at the time ofpreparation, may prove to be imprecise and, as such, undue relianceshould not be placed on forward-looking statements.
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