(TheNewswire)
Grande Prairie, A B - TheNewswire - June 8, 2023 - Angkor Resources Corp. (TSXV:ANK ) and ( OTC:ANKOF) (“Angkor” or the “Company”) a nnounces the operation of natural gas/carboncapture project continues to create monthly revenue, with productionvolumes greater than 500,000 cubic feet (500 MCF) per day at the endof May 2023 at Evesham, Saskatchewan.
The Project, which was undertaken by the Company’senergy subsidiary EnerCam Exploration Ltd. (EnerCam) in partnershipwith Saskatchewan operators, Eyehill Creek Exploration Ltd. (Eyehill),collects associated natural gas (solution gas) that is otherwiseemitted into the atmosphere from oil production. Instead of the gasventing off the production tanks, the gases, which are primarilymethane and ethane, are collected resulting in a reduction ofgreenhouse gases. Those gases are then processed; the water isremoved, and product is compressed before the gas is sold into theSaskatchewan provincial sales distribution system.
The Project can also add additional gas from otherproduction wells once agreements and pipelines are in place to expanda collective capture of gases from other locations.
EnerCam’s President, Mike Weeks, described theProject, “We collectively have the capacity to take 3 million cubicfeet of gas per day and with another compressor, we could expand thatup to 10 million cubic feet. The Project is an example of what wecan do to reduce emissions and make our energy solutions greener evenwith a smaller operation.”
The Project is anticipated to generate the first netpositive recurring cashflow for EnerCam in late June of 2023, whichwill represent revenue from April. Previous production revenues wereutilized to cover early operational costs upon startup in the firstquarter of 2023.
Weeks adds, “The revenues and the subsequent netreturn to EnerCam is dictated by the price of gas, which is currently$2.10 USD per MCF. The value of the Project speaks for itself fromboth an environmental and economic point of view. This is a strongwin for all the stakeholders, and we continue to look for additionalgas streams that can be tied into the facility and reduceemissions.”
On its Sand & Alluvial Gold project, the Companyhas ceased its participation in the Malaguit River environmental sandrecovery project in the Philippines to streamline activities inCambodia and Canada for energy and mineral production.
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 three 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 and Social projects acrossexpanding jurisdictions.
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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