Angkor Resources’ Annual Reserve Report 51-101F1 on Saskatchewan Oil & Gas Project States Increased Proved and Probable Reserves — TradingView News
(TheNewswire)
GRANDE PRAIRIE, ALBERTA –TheNewswire – May 12, 2025 – ANGKOR RESOURCES CORP.
ANK (“ANGKOR” OR “THE COMPANY”) announces the filing of its Form 51-101F1 indicating anincrease in its oil and gas reserves and Net Present Value on theEvesham project in Saskatchewan. The Company’s Canadian energysubsidiary, EnerCam Exploration Ltd. Co. Ltd. (“EnerCam”) holds a40% interest in the project and as part of regulatory requirements,files an annual report on the reserves and future net revenues.
The independent report, prepared by qualified reservesevaluator GLJ Ltd. (GLJ) in accordance with theCanadian standards set out in the Canadian Oil and Gas EvaluationHandbook (“COGEH”) and National Instrument 51-101 (NI 51-101),Standards of Disclosure for Oil and Gas Activities, identified thatusing a 10% discount factor, the summary of Proved plus ProbableReserves for the Company’s 40% interest was $8.3 million CAD on abefore tax basis as of July 31, 2024. The Company acquired theinterest on November 1, 2023 for $4.4 million CAD.
The table shown below was part of the filing Form151-101F1 and included in the Reserves Report by GLJ:
CEO Delayne Weeks commented on the Reserves report, “Of course, we are very pleased with the independent report andthe work undertaken to increase the potential oil reserves. Thisfollows the testing during the eight-month period that illustratedincreased water injection could build long-term enhanced oil recovery! Although this will require additional investment as we add moreinjection wells, the cumulative oil recovery over the longer termgives us additional potential revenue and extends the longevity of theentire Project.”
The original acquisition on November 1, 2023, included30 wells, plus pipelines, a gas processing facility, a water truck,field trucks and one disposal well to accommodate production fluids. Over the following eight months, a second disposal well wasestablished as high production water levels created excess waterwithin the operating field.
The added water injection resulted in oil productionincreasing in the nearby oil wells, presumably as the undergroundsweep efficiency improved as a result of refilling voided waterchannels and exploiting new pathways as the water was injected. Following that test water injection well, the Operator, EyehillCreek Exploration Ltd. (Eyehill), prepared a comprehensive applicationand plan for Enhanced Oil Recovery, submitted it to the SaskatchewanMinistry of Energy & Resources (SMER), and received approval inApril 2024.
That submission included an application to:
Convert up to 13 of the lower-producing wells withinthe field to water injection over the next several years (currentlyfour injection wells are in place).
Add supplemental water injection from producers outsideof the Evesham project, contributing their production water beyondwhat is currently being removed from the Sparky formation in terms oftotal fluids on a daily basis.
As of the July 31, 2024 year end of EnerCam, there were21 oil producing wells. The previous operators opened up the fieldwith drilling and production in 2004, producing a peak of 458barrels of oil per day. The entire field was shut-in in 2018 due tolow productivity ad poor operating netbacks and production andreturned to the SMER. During the span of 14 years up to 2018, over30 million barrels of liquids were removed from the field without anyreplacement of fluids. This practice is thought to have contributed tothe sharp drop off in production.
Since Eyehill took over the project from SMER in 2021,Eyehill has been increasing daily water injection with over 650barrels per day injected over and above what is removed daily. Increasing the pressure slowly and gradually has improved theefficiency of the field and oil recovery since November 2023.
The following table, filed as a component of the Form 51-101F1,summarizes the Company’s 40% interest of theoil and gas reserves as of July31, 2024 based on forecast price and cost assumptions.
The Reserve Data presents a summary of the heavy oiland solution gas liquids of the Company, and the net present values ofthe future net revenue of these reserves, using forecast prices andcosts as of July 31, 2024. The Reserves have been made assuming thedevelopment of each property in respect of which the estimate is madewill occur, without regard to the likely availability to the Companyof funding required for the development.
As well, for the purpose of determining whetherreserves should be attributed to a particular undrilled property,reasonably estimated future abandonment and reclamation costs relatedto the property have been taken into account.
The Company will be completing these reports on anannual basis with yearend financials.
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 Canada and Cambodia. ANGKOR’s carbon capture and gasconservation project in Saskatchewan, Canada is part of its long-termcommitment to Environmental and Social projects and cleaner energysolutions across jurisdictions. The company’s mineral subsidiary,Angkor Gold Corp. in Cambodia holds three mineral exploration licensesin Cambodia and its Cambodian energy subsidiary, EnerCam Resources,was granted an onshore oil and gas license of 3729 square kilometersin the southwest quadrant of Cambodia called Block VIII. Since 2022,Angkor’s Canadian subsidiary, EnerCam Exploration Ltd., has beeninvolved in gas/carbon capture and oil and gas production in Evesham,Saskatchewan.
CONTACT: DelayneWeeks – CEO
Email:info@angkorresources.com Website: angkorresources.com Telephone: +1 (780)831-8722
Please follow @AngkorResources onLinkedIn,Facebook,Twitter,Instagram andYouTube.
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 resultsof 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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