ANK:CC - Angkor Resources' Gas Capture Advances in Evesham Saskatchewan
(TheNewswire)
GRANDE PRAIRIE, ALBERTA – TheNewswire - April 25, 2023 - Angkor Resources Corp.(TSXV:ANK ) and ( OTC:ANKOF) (“Angkor” or the “Company”) a nnouncesthe operation of natural gas/carbon capture increased to over 450,000cubic feet/day in March 2023 at its gas capture project (the“Project”) in Evesham, Saskatchewan.
Initiated in January and amid a cold winter start tothe Project, the abundant snow and sub -30 o C temperaturescomplicated tying oil production wells into the gas conservationfacilities. However, gradually adding carbon emission natural gasinto the pipeline continued and March production delivered consistentnumbers processing an average of 477,000 cubic feet/day (477MCF).
The Project collects certain associated natural gasthat is otherwise emitted into the atmosphere from energy production. Mike Weeks, President of EnerCam Exploration Ltd., a subsidiary ofAngkor Resources Corp. comments, “As we all strive for cleanerforms of energy, capturing and processing these gases and selling themthrough a provincial sales distribution only makes sense from both anenvironmental and economical view. Instead of flaring or venting gasto the atmosphere, we collect natural gas emissions and reducegreenhouse gases.”
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Examples of oil storage tanksventing and flaring.
The Project has current capacity up to three millioncubic feet per day, but each wellsite requires a pipeline to connectto the gas capture facility site where dehydration and compressiontakes place. The Company targets 500 MCF/day as a base and willcontinue to work with the operating partners of the project, EyehillCreek Exploration Ltd. to expand the collection and processing ofcarbon emissions into the provincial natural gas salespipelines.
The Project receives 40% of the net sales proceedsafter payback of the EnerCam investment of $344,000 (with 80% ofproceeds until repayment) and is dependent on the spot price ofnatural gas, which has ranged from $2.65 - $7.10 CAD/GJ over the past12 months. Payback of the investment is estimated at 12-18 months ifgas prices remain as low as today’s gas prices of $3.00CAD/GJ.
Typical dual compression processing site connectedvia pipeline to oil production sites.
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ABOUT ANGKOR RESOURCESCORPORATION:
Angkor Resources Corp. is a publiccompany, listed on the TSX-Venture Exchange, and is a leading resourceoptimizer in Cambodia working towards mineral and energy solutionsacross the country. The company holds multiple mineral explorationlicenses in the country and in late 2022, its subsidiary, EnerCamResources, was granted an onshore oil and gas license of 7300 squarekilometers in the southwest quadrant of Cambodia. Angkor expanded toCanada’s energy sector in 2022 with its carbon capture and gasconservation project in Saskatchewan, Canada, proving its long-termcommitment to Environmental and Social projects across expandingjurisdictions.
CONTACT: Delayne Weeks - CEO
Email: info@angkorresources.com Website: angkorresources.com Telephone: +1 (780)831-8722
Please follow @AngkorResources on , , , Instagram and .
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Theseforward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of the Company,including, but not limited to the potential for gold and/or otherminerals at any of the Company’s properties, the prospective natureof any claims comprising the Company’s property interests, the impact of generaleconomic conditions, industry conditions, dependence upon regulatoryapprovals, uncertainty of sample results, timing and resultso f future exploration, andthe availability of financing. Readers are cautioned that theassumptions used in the preparation of such information, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed onforward-looking statements.
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