ANK:CC - Energy Production Project Evesham Macklin Receives Approval for Waterflood Procedures at Evesham Site
(TheNewswire)
GRANDE PRAIRIE, ALBERTA (April 23,2024) - TheNewswire : ANGKORRESOURCES CORP. (TSXV: ANK and OTCQB:ANKOF) (“ANGKOR ” or the “Company”) announces that the Saskatchewan Ministry of Energy and Resources(“SMER”) has issued an enhanced oil recovery approval for theMacklin Sparky field. The approval authorizes immediate conversionof three suspended well locations to water injection; furtherconversions for water injection will be authorized as needed. Angkorand its subsidiary, EnerCam Exploration Ltd. (“EnerCam”),contribute 40% of the capital costs and operating for additional wellconversions under their agreement.
The waterflood approval allows for enhancing reservoirpressure support and could double the oil recovery from the field overtime. The approval allows for 12 months to implement the threeapproved sites to be converted from suspended oil producers to waterinjection. The first conversion will be underway mid-April withsubsequent wells to follow.
By carefully balancing reservoir injection withproduction, we can optimize and create more sustainable production. Having our own water trucks and operators are two big advantages andadding more production capability helps to improve the overallproject.
The Evesham/Macklin Production Project, of which 40%was acquired by EnerCam on Dec. 12 th , 2023 includedthe oil production from 33 vertical wells and a Gas Capture facilityand all related pipelines, water disposal wells, water truckingequipment, etc.
On the additional costs for waterflood procedures, CEODelayne Weeks comments, “By investing in the waterflood now, weexpect to increase production and improve the financial performanceover the next several months.
Jamie Carlson, P.Eng., is the Practicing ProfessionalEngineer responsible for reviewing and approving the data contained inthis press release.
ABOUT ANGKOR RESOURCESCORPORATION:
Angkor Resources Corp. is a publiccompany, listed on the TSX-Venture Exchange, and is a leading resourceoptimizer working towards mineral and energy solutions across Canadaand Cambodia. Angkor’s carbon capture and gas conservation projectin Saskatchewan, Canada is part of its long-term commitment toEnvironmental and Social projects and cleaner energy solutions acrossexpanding jurisdictions. The company holds three mineral exploration licenses inCambodia and its subsidiary, EnerCam Resources, was granted an onshoreoil and gas license of 7300 square kilometers in the southwestquadrant of Cambodia.
CONTACT: DelayneWeeks - CEO
Email: info@angkorresources.com Website: angkorresources.com Telephone: +1 (780)831-8722
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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.
The information in this pressrelease contains certain forward-looking statements, including withinthe meaning of applicable securities laws. These statements relate tofuture events or our future intentions or performance. All statementsother than statements of historical fact may be forward-lookingstatements. Forward-looking statements are often, but not always,identified by the use of words such as “anticipate”,“continue”, “demonstrate”, “expect”, “may”, “can”,“will”, “believe”, “would” and similar expressions andinclude statements relating to, among other things, Angkor’sposition, strategy and development plans and the benefits to bederived therefrom; theCorporation’s anticipated annual production growth and annualcapital spending for the next three years; that the focus of theCorporation’s development activities during the remainder of 2023;expectations of when the transaction is completed; the anticipatedfocus of Angkor’s operations in 2024; the Corporation’santicipated 2024 average production; and the Corporation’sexpectations that it will continue to deliver clean, reliable,sustainable energy, contributing to a reduction in global emissions bydisplacing high-carbon fuels. Angkor’s actual decisions, activities,results, performance or achievement could differ materially from thoseexpressed in, or implied by, such forward-looking statements andaccordingly, no assurances can be given that any of the eventsanticipated by the forward-looking statements will transpire or occuror, if any of them do, what benefits that Angkor will derive fromthem.
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