GRANDE PRAIRIE, ALBERTA (April 23, 2024): ANGKOR RESOURCES 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 the Macklin Sparky field. The approval authorizes immediate conversion of three suspended well locations to water injection; further conversions for water injection will be authorized as needed. Angkor and its subsidiary, EnerCam Exploration Ltd. (“EnerCam”), contribute 40% of the capital costs and operating for additional well conversions under their agreement.
The waterflood approval allows for enhancing reservoir pressure support and could double the oil recovery from the field over time. The approval allows for 12 months to implement the three approved sites to be converted from suspended oil producers to water injection. The first conversion will be underway mid-April with subsequent wells to follow.
By carefully balancing reservoir injection with production, we can optimize and create more sustainable production. Having our own water trucks and operators are two big advantages and adding more production capability helps to improve the overall project.
The Evesham/Macklin Production Project, of which 40% was acquired by EnerCam on Dec. 12th, 2023 included the oil production from 33 vertical wells and a Gas Capture facility and all related pipelines, water disposal wells, water trucking equipment, etc.
On the additional costs for waterflood procedures, CEO Delayne Weeks comments, “By investing in the waterflood now, we expect to increase production and improve the financial performance over the next several months.
Jamie Carlson, P.Eng., is the Practicing Professional Engineer responsible for reviewing and approving the data contained in this press release.
ABOUT ANGKOR RESOURCES CORPORATION:
Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer working towards mineral and energy solutions across Canada and Cambodia. Angkor’s carbon capture and gas conservation project in Saskatchewan, Canada is part of its long-term commitment to Environmental and Social projects and cleaner energy solutions across expanding jurisdictions. The company holds three mineral exploration licenses in Cambodia and its subsidiary, EnerCam Resources, was granted an onshore oil and gas license of 7300 square kilometers in the southwest quadrant of Cambodia.
CONTACT: Delayne Weeks – CEO
Email: [email protected] Website: angkorresources.com Telephone: +1 (780) 831-8722
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information in this press release contains certain forward-looking statements, including within the meaning of applicable securities laws. These statements relate to future events or our future intentions or performance. All statements other than statements of historical fact may be forward-looking statements. 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 and include statements relating to, among other things, Angkor’s position, strategy and development plans and the benefits to be derived therefrom; the Corporation’s anticipated annual production growth and annual capital spending for the next three years; that the focus of the Corporation’s development activities during the remainder of 2023; expectations of when the transaction is completed; the anticipated focus of Angkor’s operations in 2024; the Corporation’s anticipated 2024 average production; and the Corporation’s expectations that it will continue to deliver clean, reliable, sustainable energy, contributing to a reduction in global emissions by displacing high-carbon fuels. Angkor’s actual decisions, activities, results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Angkor will derive from them.
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