ANK:CC - Angkor Resources' Saskatchewan Gas Capture Project Goes Onstream
(TheNewswire)
Grande Prairie, AB - TheNewswire - January 10, 2023 - Angkor Resources Corp. (TSXV:ANK ) and ( OTC:ANKOF) (“Angkor” or “theCompany”) on behalf of its subsidiary EnerCamResources, witnessed the activation of its Solution Gas/Carbon CaptureProject in Evesham, Saskatchewan last week. The Project isenvironmentally friendly as it collects unused gases and carbonemissions from oil wells, otherwise vented to the atmosphere, andconverts them into clean natural gas.
Angkor Resources CEO Delayne Weeks Stands Before the Project’sCompressor Unit.
The joint project between EnerCam and Eyehill CreekExploration Ltd., collects various gases such as methane and carbonemissions from 24 oil wells across two sections (1280 acres) offarmland, all connected with underground pipelines. The product isthen transported and processed into a clean, natural gas, and tiedinto a sales point operated by TransGas (a SaskEnergy company) andregulated by the Province of Saskatchewan.
During the first weeks of operation, EnerCam aims forapproximately 500,000 cubic feet (500 mcf) of captured gas per day. It is typical and responsible to deal with reduced outputs in theearly stages of startup on such projects. At the current marketprice, even at the reduced rates, the project would generate a netback(gross price minus royalties and expenses) of $3.50 – $4.00 per mcfduring this period.
EnerCam President Mike Weeks expects up to three timesthat amount in the coming months as the gas capture production rampsup by adding more of the wells into the system. “This long-awaitedactivation will bring welcomed revenue to our shareholders,” saysWeeks. “Advancing this to cashflowing status is a positive shift inAngkor’s business model. It is important we don’t setexpectations too high, but all along this has promised to be anenvironmental solution and an important stream of revenue thatcompliments Angkor/EnerCam’s best practices approach tobusiness.”
Gas Conservation Operator, Collin Fischer, described and illustratedthe pressures, intake, and metering of sales gas from the siteproject.
The team is already working on future tie ins that canbe incorporated once regular production is normalized. As is, theproject can accommodate 3 million cubic feet per day at currentcapacity.
“We’re excited to finally be up and running,providing cleaner solutions for energy development while rewarding thepatience of investors,” says Angkor Resources CEO Delayne Weeks.“This positions Angkor as a resource optimizer, which was initiatedin 2022 with several corporate pivots in the company. This project serves as another example ofresponsible energy optimization in today’s marketplace. It is aperfect example of what more can be accomplished going forward when wepartner our technical expertise and that of like-minded industryveterans like Eyehill Creek personnel, all of whom look for bestpractices.”
Weeks expects the project will, over time, also beeligible for carbon credit offsets. Angkor is already taking stepsto research the evolving criteria for carbon credit trading and itsvery specific compliance requirements. Typically, data must becompiled for a period of one year before being approvals for carboncredit trading can be granted.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corporation is a public company,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’s carboncapture and gas conservation project in Saskatchewan, Canada provesits long-term commitment to Environmental, Social, and Governanceprojects across expanding jurisdictions and becomes the firstrecurring revenue for the Company.
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 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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