GRANDE PRAIRIE, AB, (Feb 10, 2022): Angkor Resources Corp. (TSXV: ANK and OTCQB: ANKOF) (“Angkor” or “the Company”) is pleased to announce progress of the carbon/gas capture energy project in Evesham, Saskatchewan with the transport of a compressor package from Alberta to Saskatchewan.
The project creates a shared revenue stream for Angkor and its energy subsidiary, EnerCam Exploration Ltd. (EnerCam). When asked what this meant in terms of revenue, Ms. D. Weeks, CEO responded, “Once this is fully commissioned, net proceeds to EnerCam could range between $15,000 to $65,000 CAD monthly. Bear in mind that capturing of emissions fluctuates daily and proceeds from the project are dependent on several variables such as the price of gas, total emission capture per day, number of well sites tied to the compressor station, and the amount of downhole gas (versus oil) associated with each wellsite.”
The compressor, which is being refurbished and reconditioned over the next several weeks, will have capacity to move up to three million cubic feet of gas daily. Ultimately, the project will conserve waste methane and other carbon emissions, then dewater, process, and create a clean natural gas energy source which will be sold into the provincial energy system. In close proximity to the compressor site, there are potentially 30 wells that may be connected over the next seven months, each with varying emission levels.
This energy solution is part of a restructuring of Angkor to undertake projects in the resource sector of energy and minerals that meet specific criteria including:
- creating a fast track to recurring cashflow,
- collaborating with professional teams already in place,
- solving a problem in the energy and mineral sector, and
- implementing strong ESG (environmental, social, and governance) platforms.
CEO Ms. D. Weeks comments, “We expect this project will be one of several cashflows in the resource sector that we implement in 2022. This aligns with our goals resulting from Angkor’s strategic review, and supports Angkor’s mandate to increase shareholder value. These energy projects are part of a transitional campaign to ensure we maintain affordable energy while we seek alternatives over the next two decades and reduce emission of carbons in the meantime. “
Commissioning and start-up of the dehydration plant and compressor station with pipeline connections is targeted by May 2022. Angkor is also exploring innovative energy solutions elsewhere in Canada and in SE Asia as part of its pivotal shifts.
QUALIFIED PERSON
Dennis Ouellette, B.Sc, P.Geo., is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA #104257) and a Qualified Person as defined by National Instrument 51-101 (“NI 51-101”). He is the Company’s VP Exploration on site and has reviewed and approved the technical disclosure in this document.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in Cambodia with multiple licenses in NE quadrant of the country. In 2020, the company received approval and initiated negotiations on Production Sharing Contract (PSC) terms for Block VIII, a 7,300 square kilometre oil and gas license in Cambodia.
CONTACT:
Delayne Weeks, CEO Telephone: +1 (780) 831-8722
Email: [email protected]
Website: http://www.angkorresources.ca or follow us on Twitter @AngkorResources
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.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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