Angkor Resources new oil and gas exploration in Cambodia begins well

The expansion of Angkor Resources Corp. (TSXV: ANK) into oil and gas is off to a promising start. The Company recently reported identifying a number of well-distributed oil seeps within and around the mapped Tertiary rift basins of Angkor’s new Block VIII oil and gas license, and announced last week that USD $1 million has already been raised to further exploration.

Background

Angkor Resources (formerly Angkor Gold) has extensive in-country experience in Cambodia, a huge land package (983 km²) in Cambodia with multiple prospects focused on gold, silver and base metals, over USD $24 million in asset transactions and financings to date, and a recently added oil and gas exploration license (7,300 km² concession) to complement their existing large portfolio of Cambodian resource projects.

New oil and gas opportunities off Cambodia – Oil seeps discovered

In August 2019 Angkor Resources Corp. subsidiary EnerCam Exploration Ltd. received license approval from the Cambodian Government to Block VIII of the Kampong-Som Basin.

Then just about 2 weeks ago Angkor announced that they have discovered multiple oil seeps. An oil seep is a natural leak of crude oil and gas that migrates up through the seafloor and ocean depths. Testing of the seeps confirmed that the samples contained hydrocarbons of thermogenic origin (i.e. liquid hydrocarbon generated at depth from mature source rocks that had migrated to surface).

Multiple oil seeps documented on Angkor’s new Block VIII license

Angkor CEO Stephen Burega stated: “We are very pleased to have this data locating and testing seeps on our new oil and gas license. The testing results on the oil seeps confirm surface hydrocarbons. With the large amount of work and data compiled on Angkor’s 7,300 km2 Block VIII, we have multiple targets. This allows us to greatly speed up our initial exploration and allows us to focus on already identified areas of interest.”

Independent field research conducted for Angkor indicates that Block VIII is host to a newly recognized and completely unexplored foreland sedimentary basin related to the Bokor-Elephant Mountain compressional fold and thrust belt. Angkor is now proceeding with the negotiation of the Production Sharing Agreement (PSA) with regard to the license.

CEO Stephen Burega adds: “With our recent announcement of our successful oil and gas license application in Cambodia, our recent name change to Angkor Resources reflects our diversification into oil and gas assets in addition to our established mineral exploration projects.”

Cambodia is relatively under-explored 

Cambodia and Thailand host a number of Tertiary rift-basins both onshore and offshore. The main difference is this:

  • Thailand – Over several thousand wells have been drilled, with more than 40 producing fields in basins of Tertiary age.
  • Cambodia (despite having similar geology to Thailand) – Limited exploration drilling with little more than 30 wells drilled, none of them inland.

The point here is that Cambodia is clearly under-explored despite having similar regional geology to Thailand.

US$1 million recently raised to support exploration

To advance Angkor’s new Cambodian oil and gas license at Block VIII, Angkor subsidiary, EnerCam Exploration Ltd. has raised USD $1,000,000 through the private sale of shares of EnerCam Resources Singapore Pty. Ltd. to various international accredited investors. EnerCam Resources Singapore is a private company incorporated in Singapore by Angkor to hold 100% ownership of the Cambodian oil and gas concession license. EnerCam Exploration Ltd., has allocated up to 2.5 million of a total 10 million outstanding shares of EnerCam Singapore for sale at a price of USD $1 per share in order to finance early stage start-up costs and exploration of the Block VIII oil and gas license. About 1 million of the available shares have been sold to date. These funds will be used to pay licensing fees, acquire existing seismic and geological data, field exploration and general operating expenses.

Exploration for gold and base metals continues with the help of the Cambodian government and JV partners

With the support of the Cambodian government, local communities, and earn-in exploration funding partners, such as Canada’s Hommy 5 Resources Inc. and Australia’s Emerald Resources NL. Angkor continues to explore numerous gold and copper targets on its five mineral exploration licenses covering a 983-square km land package in Cambodia.

Angkor Resources gold & base metals tenements, JV partners, and promising Au results

Headquartered in Alberta, Canada, Angkor Resources is the first North American publicly-traded mineral and oil & gas exploration company in Cambodia.

With massive Cambodian land packages prospective for gold, base metals, and now oil; Angkor Resources should definitely be on investor’s radar screens.




New oil and gas license further positions Angkor Gold as a significant resource player in Cambodia

It’s no longer just about gold for Angkor Gold Corp. (TSXV: ANK), it’s also now about oil and gas in Cambodia. Through the Company’s subsidiary, EnerCam Resources Co. Ltd, The Royal Government of Cambodia has now approved Angkor’s license for the development of Petroleum Block VIII. Angkor will now proceed with the negotiations of the Production Sharing Agreement regarding the license.

Angkor CEO Stephen Burega stated: “This is a major milestone for Angkor. Angkor is the first Canadian exploration company to be granted this level of approval to pursue oil and gas opportunities in Cambodia.”

Petroleum Block VIII oil and gas licence location map

The Royal Government of Cambodia has determined Angkor’s subsidiary is technically qualified to explore and develop this oil and gas concession. With Angkor’s Executive Chairman Mike Weeks experience and expertise in foreign oil and gas projects, Angkor is well-positioned to expand in SE Asia’s extraction sector and is looking forward to commencing a seismic and data review as soon as possible.

His Excellency Cheap Sour, the Director General of the Department of Petroleum of Cambodia’s Ministry of Mines and Energy added: “We are very pleased to be working with Angkor in developing Cambodia’s oil and gas potential.”

Recognized oil and gas exploration expert Dr. Lorne Rosenthal, who has worked in oil and gas exploration in the Western Canadian Sedimentary Basin for over 40 years, will assist in this expansion of Angkor’s resource focus. Angkor has successfully operated in the Kingdom of Cambodia since 2009 and will continue to explore and develop its five mineral exploration licenses that cover approximately 983 km2, with the support of the Cambodian government, local communities, and earn-in exploration funding partners.

Cambodia’s neighbours have developed sizable oil and gas reserves

The recently recognized and unexplored onshore Petroleum Block VIII in the sedimentary Kampong-Som Basin, was first identified and interpreted as a foreland basin in 2016 as having some of the characteristics of other oil-bearing basins. Although viewed as a country with mining and mineral resource opportunities, Cambodia’s neighbouring countries have already developed sizable oil and gas reserves. This includes the Gulf of Thailand to the west, the Khorat Plateau of Thailand to the north, and in the Vietnamese Cuu Long Basin of the South China Sea to the south.

Angkor Gold to change name to Angkor Resources Corp.

To better reflect this new direction as a gold and oil exploration company, Angkor Gold will be applying to change its name to Angkor Resources Corp. Angkor will continue to focus on gold, silver and base metals exploration with the new name better reflecting the Company’s diversification into oil and gas assets. A new website is expected to be rolled out in the coming months with no changes to the TSXV: ANK ticker.

Cambodia is open for mining business

Since 2009 Angkor has seen the Cambodian Government undertake improvements to attract industry by upgrading infrastructure to improve roads and access to hydropower. These improvements along with the adoption of Anti-Corruption Laws in 2010 has made Cambodia very mineable and appealing for developing natural resource projects of all types, attracting investment from all over the world.

Cambodia is open for mining business and Angkor is very well positioned as the first publicly-traded North American mineral exploration company in Cambodia, and now the first with an oil and gas license. Angkor has extensive in-country experience, a huge land package of almost 1,000 km² in mineral exploration licenses, each with multiple prospects, over US$23 million in asset transactions and financings to date, and has now added a 7,300 km² oil and gas exploration license area to complement their existing large portfolio of projects focused on gold, silver and base metals.

The addition of this new oil and gas license further positions Angkor as a significant resource player in Cambodia.




Angkor Gold’s Burega on diversifying into oil and gas in Cambodia

“We are going to continue with the hardrock side, but we have decided that we are going to move into oil and gas as well in Cambodia. We are in the process of finalizing our first application with the Cambodian government for an onshore oil block. That is going to run in parallel with our hardrock assets. We still have approximately 1,000 square kms on five licenses four of which are in partnership currently. Our model of a project generator continues, its just that we are expanding in the oil and gas side as well because we see great potential there.” States Stephen Burega, CEO of Angkor Gold Corp. (TSXV: ANK), in an interview with InvestorIntel’s Tracy Weslosky.

Tracy Weslosky: I understand that you are kind of changing the direction for Angkor. Can you tell us a bit more about that?

Stephen Burega: More so adding to directions for Angkor. We are going to continue with the hardrock side, but we have decided that we are going to move into oil and gas as well in Cambodia. We are in the process of finalizing our first application with the Cambodian government for an onshore oil block. That is going to run in parallel with our hardrock assets. We still have approximately 1,000 square kms on five licenses four of which are in partnership currently. Our model of a project generator continues, its just that we are expanding in the oil and gas side as well because we see great potential there.

Tracy Weslosky: Can you tell us a little bit more about Cambodia because not all of us understand the opportunity that is there right now.

Stephen Burega: Cambodia’s advantage is the fact that there are operations both on hardrock and oil and gas on all sides of the country. In Thailand, Laos as well as in Vietnam we see production in hardrock side, large scale base metal operations, precious metals as well as offshore and onshore gas production. When we arrived in Cambodia ten years ago none of that potentials were identified and we are looking at taking advantage. As the first mover in the country we are moving towards bringing now onshore oil potential into our shareholder base…to access the complete interview, click here

Disclaimer: Angkor Gold Corp. is an advertorial member of InvestorIntel Corp.




Angkor Gold widens exploration interests in Cambodia to oil and gas

The Kingdom of Cambodia is continuing to upgrade the country’s infrastructure to attract business and industry investment. This includes upgraded highway conditions, greater access to hydro power and the most important from an investor point of view, adopting anti-corruption laws. The improvements extended to the establishment of the Cambodian Association for Mining and Exploration Companies (CAMEC), of which Angkor Gold Corp. is a founding member. This organization is recognized by the Cambodian government and promotes a responsible and sustainable mining industry in Cambodia.

Angkor Gold Corp. (TSXV: ANK) is a leading Canadian gold and copper mineral explorer. Angkor Gold has been working in the Kingdom of Cambodia since 2009 and is the first North American publicly traded mineral exploration company in Cambodia. Their business strategy focuses on exploration, project generation and selecting strong partners to advance each of their multiple prospects to a sustainable recurring revenue stream.

Angkor Gold to look for oil and gas prospects to expand their business

Even though the name implies gold, Angkor is now also looking into oil and gas exploration. The company has been looking at oil and gas potential in Cambodia for the last 5 years and is currently in discussions with Cambodia’s oil and gas authorities regarding pursuing concessions and available licenses. The country has traditionally been viewed primarily as having mining and mineral resource opportunities, however sizable oil and gas reserves have been developed in three neighboring sides of the country.

Sedimentary basins inland in Cambodia have never been systematically explored, partially because of a poor understanding of local geology. Angkor will be working with recognized oil and gas exploration expert Dr. Lorne Rosenthal, who has worked in oil and gas exploration in the Western Canadian Sedimentary Basin for over 40 years. Dr. Lorne Rosenthal observed that “parts of Cambodia have similar geology to some of the world’s important oil-bearing basins.”

Angkor Gold’s management team already has oil and gas industry experience

Angkor’s Executive Chairman Mike Weeks has had a long and successful career in the oil and gas industry with 25 years’ experience in project management of petroleum-related industries. To add to this experience he also spent over 14 years negotiating with foreign governments in developing and implementing natural resource concessions.

Angkor CEO Stephen Burega is also “very excited about the possibility of adding oil and gas prospects to Angkor’s portfolio of exploration properties. Cambodia continues to offer exceptional opportunities as an underexplored region and Angkor is well-placed to lead the way in new discoveries.” Burega’s relevant oil and gas experience was garnered while working on offshore oil concessions in Namibia.

With over 65 years’ experience between them in the oil and gas industry, exploration expert Dr. Lorne Rosenthal and Angkor Executive Chairman Mike Weeks bring a huge amount of valuable knowledge to the new Angkor venture in pursuing oil and gas in the underexplored Kingdom of Cambodia.

Angkor Executive Chairman Mike Weeks and oil and gas expert Dr. Lorne Rosenthal present to Cambodia’s Ministry of Mines and Energy

Angkor Gold will still continue with their current gold, silver and base metals exploration

Angkor will continue to explore and develop its five mineral exploration licenses, each with multiple targets covering approximately 983 km2. Results to date have included gold grades as high as 86.0 g/t, silver at 721 g/t, and copper at 0.22%. These results are highly encouraging, with so much exploration yet to be done.

Angkor’s achievements to date have been with the support of the Cambodian government, local communities, and earn-in exploration funding partners such as Japan’s JOGMEC, Australia’s Emerald Resources NL and Canada’s Hommy 5 Resources Inc.

Angkor Gold has multiple exploration targets and partners in Cambodia

Cambodia is open for business and continues to attract investors like Angkor Gold with its upgrading of infrastructure and anti-corruption laws. Keep a close eye on Angkor as they seem to be making all the right moves.




$21.5M sale of FOX-TEK to Mooncor signals a new day dawning for Augusta Industries

Augusta Industries Inc. (TSXV: AAO) is a Canadian company made up of two key subsidiaries – FOX-TEK and Marcon. The Company has recently sold FOX-TEK to Mooncor Oil & Gas Corp. Augusta is engaged in the development, design, manufacture and supply of systems using fiber optic sensors, related monitoring instruments, and software. These systems serve the needs of the oil and gas, power generation, chemical, mining, and civil structure market sectors worldwide.

An experienced management and technical team lead operations and expansion in North America and locations around the world.

Augusta Industries clients include Canadian Natural, Shell, Chevron, and Petron. Augusta has industrial relationships with many US Government departments including, the Department of the Interior, Homeland Security, US Army, US Navy, US Air force and NASA. Internationally clients also include Kuwait Oil Company and Qatar Gas.

Augusta Industries subsidiary FOX-TEK handles the installation and reporting of information on an outsourcing basis. FOX-TEK also provides support engineering services related to planning, training, on-site installation, and data interpretation and reporting.

On May 28th, the Company announced the sale of one of its’ two subsidiaries (FOX-TEK) for up to C$21.5 million, consisting of $9,500,000 in common stock of the acquirer (Mooncor) and additional potential royalties of $12,000,000. Mooncor Oil and Gas Corp. is a Canadian junior oil and gas exploration and development company. Augusta plans to distribute a portion of the consideration shares to shareholders.

Regarding the portion to distribute, CEO Allen Lone states: “It will be in the 25% range. If you do the math, 25% of $9.5M is $2.37M being returned to shareholders. At a market cap of $6.5M (as on May 28, 2018), that amounts to an approximate 35% return to current shareholders. Plus the remaining shares go on the balance sheet of the company and royalty payments could add substantial cash to the company in the coming years. Not bad. Not bad at all.”

With a current market cap of just C$ 5.1 million, it becomes very obvious that both the Company and the shareholders will benefit greatly from the sale of FOX-TEK for up to $21.5 million.

Marcon International is Augusta Industries other subsidiary. Marcon is involved in the industrial supply of equipment and parts procuring for its clients, which are principally clients in the oil and gas industry and United States government agencies.

Initially the Company had focused on providing services in the energy sector but has moved on to also work with Government contracts and Government services. Marcon itself has two subsidiaries, Marcon USA and Marcon UK, to help enhance and support its logistic and sales operations. Over the years it has established a great reputation of being a consistent performer for its clients in the Government as well as the international oil and gas industry.

As CEO Allen Lone states: “A new day is dawning for Augusta and investors, both old and new.” Investors should definitely take a look at this undervalued gem.




International Council on Mining and Metals’ COO on the four big trends in 2018

March 26, 2018 – “There’s a lot of those macro metals that are going to very well through that increased focus on the transition to a low carbon future. Cobalt, lithium, these are going to be huge as well, as is nickel.” – states Aidan Davy, COO and Director of the International Council on Mining and Metals (ICMM), in an interview with InvestorIntel’s Jeff Wareham. 

Jeff Wareham: What are you seeing at PDAC this year?

Aidan Davy: It has been a real interesting PDAC. I have been coming to PDAC for about 6-7 years now. I lived with PDAC through the best of times and the worst of times.

Jeff Wareham: Especially the worst. 

Aidan Davy: It has been fascinating because I think even when the industry was going through the toughest times, and particularly we are thinking about 2015 still going into 2016, PDAC has remained resolutely kind of optimistic throughout that whole cycle. It still has been very, very different and I think very gratifying to see that there has been much more optimism here than we have had for a couple of years now.

Jeff Wareham: From what I understand you have quite a background in the critical metals and in sustainability. What themes do you see in 2018?

Aidan Davy: Interesting, for 2018, and my background is I am a sustainability professional. I have worked in this space for about 30 years. The organization I represent we work with 25 companies. They work across continents, across commodities and collectively they represent something like 30% to 50% of global production of major metals. When I look at the trends that I see for the industry there is four big trends that I am seeing as being really important in 2018. One is climate change. It is critically important, both in terms of the risk and the opportunity space. A second one is around the whole issue of contested ownership of resources. Some call it resource nationalism. I tend to avoid that term. That I think is a big, big issue for the sector. The third has got to be the rise in ethical consumer facing companies. The fourth is probably around gender, which is an issue that has been coming for this industry for a while and it is very much here.

Jeff Wareham: Wow. Those are some pretty broad subjects. Let us pick one. What do you think of those trends is going to matter the most in 2018?

Aidan Davy: I think they are all going to be critically important. Let us take the climate trend because that connects to the consumer facing company trend as well. I think historically this industry has been slow to engage on climate change, but in the past decade has really started to engage in a much, much more proactive way. Again, I think the initial entry point around this was very much looking at it through a risk lens. It has been around to, what extent are we contributing to carbon emissions? To what extent can we limit our impact in that space? But, also, to what extent can we make our operations more climate resilient? I think that has been a primary focus. What is changing now is the conversation increasingly is one around, what is the role of this industry in looking at the transition to a low-carbon future? That is very different for the mining and metals industry than oil and gas. Oil and gas is arguably faced with an existential crisis by the increasing attention around climate change, whereas for this industry there’s a huge opportunity.

Jeff Wareham: And what sort of companies do you see benefiting from those opportunities?:

Aidan Davy: There are a whole range of commodities that are going to be critically important in making that transition to a low carbon future. Whether you are talking about the critical metals and some of the rare earth metals. That’s essential, fundamental. Then some of the macro metals, for example, copper is a critical part of the solution here. Iron ore is a critical part because if you are building large scale infrastructure around low carbon economy then that’s an incredibly important commodity. Things like aluminum, fundamentally important. There’s a lot of those macro metals that are going to very well through that increased focus on the transition to a low carbon future. Cobalt, lithium, these are going to be huge as well, as is nickel…to access the complete interview, click here