ANKOF - Proceeds from Angkor Resources' Evesham Project Increases Substantially
(TheNewswire)
GRANDE PRAIRIE, ALBERTA – TheNewswire - (May 8, 2024): ANGKOR RESOURCES CORP.(TSXV: ANK and OTCQB: ANKOF) (“ANGKOR ” or the “Company”) announces its subsidiary, EnerCam Exploration Ltd. (“EnerCam”) realized anincrease in net proceeds as the price differential dropped forCanadian crude oil sold into the US. EnerCam holds a 40 % interest inthe Evesham project and Eyehill Creek Exploration Ltd. (“Eyehill”)and a third party hold the remaining 60%.
Using analyst reports from TD Economics, (May 4, 2024),the sale price of Canadian oil production is determined by severalfactors including a ‘price differential’, caused in part by a lackof sales channels for Canadian product. The differential is adeduction for the conversion of a posted pricing benchmark using theWest Texas Index (“WTI”) to a base of Western Canadian Select(“WCS”) with further discounts for product type, quality,quantity, and finally an exchange from USD converted to Canadiandollars.
Between December 2023 and February 2024, the discountnarrowed from $26 to $15 per barrel. As a result, the deposit forEnerCam’s 40% of proceeds from February production was $87,265.89compared to less than $50,000 from December. (Final sales proceedsare reported about 60 days after month end.)
Glenn Thunberg, President of Eyehill, explains theimpact, “For an operation like Evesham, the differential has a hugeimpact. For example, the change in WTI to WCS differentials sinceDecember used in proceeds of oil sales to Eyehill combined with amodest increase in the WTI benchmark has resulted in more than a 40%increase in realized pricing. This has a material impact for smallproducers like Enercam and Eyehill. With Trans Mountain inoperation, we should see differentials remain relatively stable forthe foreseeable future.”
Mike Weeks, President of EnerCam adds, “Most of theoil production in Western Canada has been sold into the Midwest USA,which has limits on how much and what it can take, and results in usselling Canadian product at a discount. There is strong demand forlight-to heavy oil for refineries in Europe and Asia and Canadianproduct can easily fill that void. Expanding the Trans MountainPipeline, which runs from Edmonton, Alberta to Burnaby, BC, isforecast to triple volumes from 300,000 barrels per day to 890,000barrels per day (BOE Report, May 6, Will Gibson)“ .
May 1 2024, marked the commercial commencement date forthe project, and tankers will be able to load at Westridge MarineTerminal in the Port of Vancouver by mid-May .
Weeks continued, “We anticipate TMX will help keepthe differentials low and will position Canada to have multiple buyersat more competitive prices. Ultimately, TMX brings Canada a huge opportunity to reach other export markets in theenergy sector. “
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, Andong Meas license and Oyadao North license in Ratanakiri Province and Andong Borlicense straddling Oudar Meanchey and Banteay Meanchey Provinces. Angkor’s subsidiary, EnerCam Resources, was granted an onshore oiland gas license of 7300 square kilometers in the southwest quadrant ofCambodia.
CONTACT: DelayneWeeks - 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.
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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