North America – Awash in Oil.

North America is awash in oil and this was never more evident than yesterday when the monthly contract rollover for WTI caused traders to pay rather than take physical delivery of the May contract.

Unprecedented is how some industry executives have described it. And while it makes for shocking headlines, oil producing companies will typically price their sales of the monthly average price and few if any sell oil on a spot/uncontracted basis.

At issue is North American crude oil storage. At a time of the year when US refiners would be getting ready to make and distribute gasoline for the upcoming (and probably now non-existent “driving season” that normally kicks off Memorial Day weekend), expect that US stockpiles at Cushing (WTI home) could hit 60 million barrels this week, leaving a scant ~16 million barrels of remaining excess storage capacity. Yes, that is still 20%, but most if not all of that capacity is already spoken for and it could be filled in weeks. Even before driving season, US gasoline demand was down by more than 30% this month, compared to a year ago according to the US-based Energy Information Administration (EIA).

Global oil tanker rental rates have skyrocketed in the past month as producers look for any possible storage space. Media reports have cited the use of any possible old tanks in the US as the industry struggles to find available storage. Everything that is capable of holding oil is being sought out and used. At some point in time, the costs to store the oil will become prohibitive and producers will be forced to shut-in production. This is already happening in both the US and Canada, but arguably not quickly enough to offset the precipitous fall in demand

With US consumption way down, yesterday’s contract expiry and negative WTI crude oil price foreshadows continued weak crude oil prices in North America until the supply-demand balance comes back in line. Expect one or two more contract expiration’s in the months ahead to again display negative pricing.

Notwithstanding North American pricing woes, Brent crude oil, which much of the world outside of North America uses as a pricing benchmark, is also under pressure, trading the low US$20s/bbl. While unsustainable as a long term price for producers, even out of the Middle East, volatility will remain until global supply/demand is balanced. Expect OPEC+ to have to cut production again – it can’t be soon enough!




Canada’s Climate Change Plan – Too Many Questions, Too Few Answers

Canada’s plan to hit net-zero greenhouse gas (GHG) emissions by 2050 is a laudable goal and extends the country’s 2016 commitment to the Paris Agreement of reducing Canada’s GHG emissions by 30% below 2005 levels by 2030! The Global Climate Crisis is today a broadly accepted term since warnings began in the nineteen-eighties, then variously referred to as “greenhouse, global warming, or climate change” effects. This existential crisis is upon us all right now! Rising sea levels, floods, droughts and firestorms around the world, pose the most complex threat our species has ever faced. For those with a biblical background, the recent plague of locusts to hit Africa may resonate with one of Egypt’s ten plagues, together with a repeat of “livestock pestilence” but this time originating in China (Coronavirus or COVID-19), as possible global retributions?

However, as of March 2020, the Federal Government has no timeline to finalize its net-zero policy. In fact, there are no detailed plans, merely a goal! This might appear to many, more like a wish in the Field of Dreams sense of “if we build it, they will come”. Let’s get it straight, the dream is looking more like a nightmare for all sides! To date, the Government has stated only that it plans to establish a “consultation panel” to address this target by the summer of 2020, whilst Canada’s Environment Minister said there is an “enhanced urgency” to provide clarity on how Canada will meet its 2050 emissions goals.

This enhanced urgency has emerged rapidly over the past month from pressure across Canada from indigenous groups in support of the Wet’suwet’en hereditary leaders’ opposition to the Coastal GasLink pipeline across its unceded territory. In addition to blocking the Coastal GasLink pipeline route, country-wide protests erupted, supported by Indigenous youth and First Nations such as the Tyendinga Mohawks in Ontario and Gitxsan Nation in BC. Blockades and protests in solidarity with the Wet’suwet’en, resulted in the shutdown of much of Canada’s critical rail and port infrastructure.

The Federal Govt. may have caught a bullet when Teck Resources canceled the application for its mammoth Frontier Oil Sands Project, thereby sparing the Government from making a decision which would have required an explanation to both those either backing or opposing the project! Teck CEO, Donald Lindsay, is owed a lot by admitting that the withdrawal was the result of tensions over climate change, indigenous rights and resource development. Lindsay noted that “Canada has to have this important discussion without a looming regulatory deadline for just one project”.

The Premier of Alberta, Jason Kenney, showing a complete lack of understanding of the threats of Climate Change, is questioning whether the Federal Govt. has the right to impose a carbon tax on the province. Mr. Kenney blamed the cancellation on the Prime Minister and federal policies that cause uncertainty and unacceptable delays. Mr. Kenny also opined that “the provinces are in the best position to know how to deal with the problem of climate change”, although it seems improbable that Alberta, and by extension its oil and gas industry, can or should unilaterally ignore international and national concerns and commitments on the Global Climate crisis.

Indigenous Rights, Reconciliation and Climate Change Activists

“Under Democracy, individual liberty of opinion and action is jealously guarded. Claiming the right of free opinion and free action, we must extend the same to others. The rule of majority when it becomes coercive, is as intolerable as that of a bureaucratic minority. We must patiently try to bring round the minority to our view by gentle persuasion and argument” – M.K. Gandhi

Solidarity action in support of the Wet’suwet’en Nation hereditary chiefs opposing the Coastal GasLink Pipeline has led to banners proclaiming that “Reconciliation is Dead”, and opinion pieces claiming that “Business and Political Leaders have long failed to do what’s needed to mend Indigenous relations”. Much of the hyperbole claiming that “clearing the land has been at the heart of Canada’s Indigenous policy”, ignores the fact that the pipeline has support from all 20 elected band councils along the route. All of them have signed benefit agreements with Coastal GasLink! If it is necessary and required that the 8 Hereditary Chiefs who have a separate and contrary view of the project can overrule the elected band councils, then that becomes an internal Indigenous problem! How can the Government of Canada accommodate both band council jurisdiction over their reserve lands and the same time negotiate with “hereditary leaders” who have the legal jurisdiction over their traditional territory! To ignore the painful history of Canada’s relationship with respect to its Indigenous Peoples is untenable, and demands discussion between all parties to reach agreement on matters of law from Federal, Provincial and Indigenous points of view. As Gandhi advised, it will be necessary to “patiently try to bring round the minority to our view by gentle persuasion and argument”

The issues have also attracted support from climate change activists who view any and all Oil & Gas projects negatively in reducing GHG emissions. In the case of Coastal GasLink, however, the reality is that Canadian liquified natural gas (LNG) will be replacing coal and oil consumption in Asia and the Far East, thereby significantly reducing carbon heavy sources of energy.

Whilst these issues are primarily Canadian, in the USA Native American Tribes have opposed the Keystone XL and Dakota Access oil pipelines on land rights issues and with the support of climate activists. In February 2020, the Canadian Federal Court of Appeal dismissed an Indigenous challenge to the Trans Mountain Pipeline (TMX) expansion, stating that “a duty to consult” had been fulfilled, but protests continue over the construction of this Oil Pipeline. The Canadian Govt. has a difficult task in reconciling the best interests of all Canadians with Indigenous Rights, Reconciliation and the transition to a clean economy!

From a macro point of view, this author is content that Teck Resources has withdrawn from its Frontier Oil Sands project for “economic realities” – Do we really need another mega oil-sands project? However, it should be an economic imperative for all Canadians to support both the TMX Oil and the Coastal GasLink pipelines in order to escape from the competitive handcuffs of a single export market for our oil and gas resources.

The onus is on the Federal Government to negotiate with the Provinces, Indigenous Peoples, and Industry in line with its stated commitment to GHG emissions targets, and develop a roadmap, timeline and targets that are clear, attainable, and compatible with the best interests of all Canadians. In the knowledge that “one can’t please all of the people all of the time” the process should be transparent and reflect that “Under Democracy, individual liberty of opinion and action is jealously guarded”




Pipelines and Canada’s Dependency on a Single Export Market

Over the past decade, the shale/fracking revolution disrupted “Peak Oil” theories and facilitated rapid growth in both oil and natural gas production in the U.S. In 2017, the U.S. became a net exporter of natural gas and in 2018, also became a net exporter of oil and refined fuels for the first time in decades. This article is the second part of a January 2020 release which focused on Natural Gas and LNG. These developments have resulted in the U.S. becoming not only Canada’s biggest customer but also Canada’s number one competitor!

Because of limited pipeline capacity and export infrastructure, Canada is forced to sell its oil and gas into a saturated North American market, resulting in widening differentials to U.S. benchmark pricing. It is vital to diversify markets for Canada’s oil production to ensure Canada receives full value for its natural resources.

Part 2 (Oil)

Over the past ten years, U.S. imports of Canadian Crude Oil and Petroleum Products increased steadily from 925 million barrels in 2010 to about 1,600 million barrels in 2019. Almost two-thirds of Canada’s exports (over 3 million Bbl/day) are shipped to the U.S. Midwest through Enbridge’s Mainline. Having a single buyer for Canadian crude exports restricts Canada’s ability to compete for higher prices. Canadians are getting hosed and appear unable to see that new pipelines are needed to address this inequity!

Although crude prices largely rise and fall together, there are significant price differences (differential) between different streams, depending on the quality of crude, supply and demand fundamentals, and the cost to transport the crude to the final customer. Back in 2013 when WTI prices were hovering above US$100/Bbl, the differential between Western Canada Select (WCS) was US$25/Bbl and Canadian producers were receiving about US$75/Bbl. However, by 2020, and WTI trading around US$50/Bbl, the differential has barely changed at US$20/Bbl. resulting in WCS selling at around US$30/Bbl! Since Midwest refineries are largely at capacity, Canada must find other buyers, or face deeper discounts. In an effort to address the crushing differential problem, the Alberta Government imposed crude production limits 2019 in the hope that restrictions would address the oversupply situation and reduce the differential on Canadian exports. After years of delay in addressing protests from environmentalists and indigenous groups, two oil pipeline projects have recently received necessary approvals and construction has recommenced even as protests continue.

The world’s largest market for heavy, sour crude is the US Gulf Coast, where a multi-billion dollar refinery complex has been created to specifically process heavy crudes, but currently has very limited access from Western Canada. The proposed Keystone XL Pipeline to the Gulf Coast offers Canada the opportunity to access this market! Since Canada’s export pipelines are at capacity, incremental barrels of oil is being shipped by rail, which has a higher transportation cost and drives up pricing discounts. Shipping oil by rail is known to be more dangerous than by pipeline. TC Energy Corp. is ramping up activity on the Keystone XL pipeline which would allow Alberta’s heavy oil sands production to move about 500,000 Bbl/day to Gulf Coast refining complex. The project was proposed more than a decade ago and may still face legal challenges even after the Trump Administration approved a right-of-way across U.S. land early in 2020.

More importantly, in our view, is the opportunity for Canada to break free from the U.S. export monopoly through the proposed Trans Mountain Expansion (TMX) project, which would access new Asian markets through BC’s West Coast. Canadian Government agreement and support at both Federal and inter-Provincial levels for oil and gas pipelines is vital. The recent Federal Court of Appeal ruling that the Government’s duty to consult with indigenous peoples did not grant them veto powers, has removed much uncertainty from the $9 billion projects. Government at all levels face escalating environmental opposition and resistance from indigenous (First Nations) on concerns over land claims and territorial rights. The tension between oil patch projects, indigenous land claims, and the desire to reduce greenhouse gas emissions is expected to fuel continuing debate and require a degree of finesse and cooperation from the Government not seen heretofore.

The recent injunction from a BC Supreme Court judge, ordering members of the Wet’suwet’en Nation to cease blocking construction of Coastal GasLink Pipeline has resulted in arrests in BC and further demonstrations as far away as Ontario on the Tyendinaga Mohawk Territory reserve. The de facto blockade, effectively blocking all rail traffic between Montreal and Toronto will affect transportation and the economy, and raises questions on how Provincial and Federal Governments deal with Indigenous rights, environmentalist protests and the rule of law!

Three pipeline projects are currently underway which would realize multi-billion dollar benefits for Canada’s Oil and Gas industry. In order of importance, we view Trans Mountain Expansion (TMX) first, Coastal GasLink second and Keystone XL third. In May 2018, the Federal Govt acquired TMX for $4.5 billion and will be spending more billions of taxpayer dollars before any chance of outside financing is possible, likely upon completion.

The Federal Government has an opportunity to balance existing pipeline project development with carbon emission reduction targets by rejecting further Oil Sands developments such as Teck’s $20 billion Frontier mine, and promoting investment incentives for sustainable, renewable energy. For Alberta, British Columbia and Canada as a whole, the future of the Energy Sector is posing existential questions.




Angkor Resources is giving back to the community as they pursue oil and gold exploration in Cambodia

You can’t underestimate the importance of a smile, and thanks to Angkor Resources Corp., hundreds of local villagers in Cambodia have something to smile about.

Angkor Resources Corp. (TSXV: ANK) has recently completed a regional dental campaign (in collaboration with an American dental team of Dr. Richard Schmotter, DDS, Dr. Alex Schmotter DDS, and Peggy Schmotter) in northeastern Cambodia. The 2020 campaign took place from January 1-4 this year, and provided free and much needed dental care to local members of the community. This included treating locals from more remote parts of Angkor’s exploration license areas including Oyadao and Andong Meas.

The North American team was also joined by Dr. Sophanara and Dr. Vuthy, two Khmer dentists who work in the region. The Schmotter team has undertaken dental campaigns in developing countries for over a decade in Africa, Asia, and South America. For its efforts, Angkor Resources and the dental team received recognition from the local village and commune leaders, health officials, and the Senior Minister.

North American dental team with a patient

Angkor Resources mining projects in Cambodia

Angkor Resources has a huge land package (983 km²) in Cambodia with multiple prospects focused on gold, silver and base metals. The Company has raised over USD $23 million to date from partners and capital raises to help fund its exploration activities. Then in 2019 Angkor Resources added an oil and gas exploration license known as Block VIII (7,300 km² concession) to complement their existing large portfolio of Cambodian projects. Angkor Resources has already discovered promising multiple oil seeps within its Block VIII licensed area. An oil seep is a natural leak of crude oil and gas that migrates up through the seafloor and ocean depths. It can be the first sign of an oil discovery.

Angkor Resources Block VIII oil and gas licenses in Cambodia

An update on Angkor Resources Cambodian licenses (excluding block VIII)

Angkor Resources has a massive Cambodian portfolio of gold, silver and base metals projects.

Oyadao

Just this month Angkor Resources signed a US$4.6 million Earn-In Agreement with Canadian development company Hommy Oyadao Inc. (“Hommy”) to earn up to a 70% interest in their Oyadao North License.

Angkor Resources Executive Chairman Mike Weeks stated: “We are very pleased to be working again with Hommy. They were excellent development partners on Banlung. The proximity of Oyadao to the development at Mesco’s Phum Syarung mine site (see press release dated June 25, 2018) is of great interest to us both and we are excited to pursue this initiative together.”

Banlung 

Recent drilling at the Okalla West & East targets of the Banlung tenement has achieved strong results. Four of the five holes returned greater than one gram per ton gold over one-meter sample intervals. Results over the one meter samples included 5.72 g/t and 4.04 g/t.

Management

Angkor Resources’ management is led by Executive Chairman Mike Weeks and CEO Stephen Burega.

Mr. Weeks has 25 years of experience in project management of power generation and petroleum-related industries. Mike has managed large projects in Canada, Africa and Europe, constructing and managing several large production facilities in North Africa.

Mr. Burega has spent the past 10 years intimately involved in the launch and management of a number of natural resource companies. He has been active on a number of boards for both profit and not-for-profit organizations.

Closing remarks

Angkor Resources Corp. (formerly Angkor Gold Corp.) is the first North American publicly-traded mineral and oil & gas exploration company in Cambodia. The Company’s business model focuses on project generating with strong partners and has proven to be successful to date. This model allows cash flow generation and accelerates exploration, while retaining some of the project’s potential upside should exploration go well.

Angkor Resources is not only giving back to the local community, but they are also now very well positioned to become the largest project generator in Cambodia.




US is Canada’s biggest competitor in Oil & Gas

Pipelines and Canada’s Servitude to a Single Export Market (Part I)  — CAPP, the Canadian Association of Petroleum Producers, is a reliable source of information on Canada’s oil & gas markets and points out that virtually all of Canada’s oil and natural gas exports have served, and continue to serve, just one customer … the United States.

Over the past decade, the shale/fracking revolution has disrupted “Peak Oil” theories, and facilitated rapid growth in both oil and natural gas production in the U.S. In 2017, the U.S. became a net exporter of natural gas and in 2018, also became a net exporter of oil and refined fuels for the first time in decades. These developments have resulted in the U.S. becoming not only Canada’s biggest customer but also Canada’s number one competitor! A decade ago, these developments seemed all but impossible, as U.S. executives and politicians were predicting declining conventional production and massive imports of oil and natural gas.

Because of limited pipeline capacity and export infrastructure, Canada is forced to sell its oil and gas into a saturated North American market, resulting in widening differentials to U.S. benchmark pricing. It is vital to diversify markets for Canada’s oil and natural gas production to ensure Canada receives full value for its natural resources.

Part 1 (Natural Gas and LNG)

Since topping out at over 10 Bcf/d (billion cubic feet per day) in 2007, Canadian gas exports to the U.S. have fallen steadily to 7.8 Bcf/d in 2018. However, imports from the U.S. grew significantly over the same period, primarily delivered from MidWest U.S. through the Vector Pipeline into Ontario. Natural gas imports from the U.S. to Canada reached a record-high level of 2.4 Bcf/d in 2011, and have remained above 2 Bcf/d since then. The net result over the past decade has been a drop in net Canadian exports of some 4.4 Bcf/d, or 1.6 Tcf per year!

Feeding off its production capacity increases from the fracking revolution, and recognizing a growing global demand for natural gas as a lower carbon alternative to coal and crude oil, the U.S. quickly began an aggressive LNG strategy, with the rapid construction of large scale LNG plants at Sabine Pass, LA and Cove Point, MD, which commenced shipping in 2016 and 2018 respectively!

Newer LNG plants at Corpus Christi, Cameron and Freeport on the Gulf of Mexico, are expected to result in U.S. LNG export capacity exceeding 10 Bcf/d (3.6 Tcf per year) by 2021. This would place the U.S. as the third largest LNG exporter in the world, behind only Australia and Qatar.

Source: U.S. Energy Information Administration

Alberta and British Columbia form the epicenter of Canadian oil and gas production, and is within reasonable distance to tidewater access on BC’s Pacific coast. The opportunity for Canadian participation in a growing global liquefied natural gas (LNG) market, resulted in a rash of LNG proposals predominately at sites along the coast of BC for shorter access to Far East markets. The early years of Canadian recognition of LNG potential extended from 2010 to 2014, as world-class LNG developers and potential Asian buyers were genuinely engaged in Canadian opportunities. This interest was evidenced by at least seven major LNG project proposals that had progressed through the relevant regulatory processes. Canadian Government agreement and support at both Federal and inter-Provincial levels for oil and gas pipelines was and is still an important requirement. However, prevarication and vote-hustling between the three political parties involved, proved a major impediment to seizing the opportunity. Government at all levels faced escalating environmental opposition and resistance from indigenous (First Nations) on concerns over land claims and territorial rights.

Not surprisingly in the face of years of interminable delay, of the 13 original LNG proposals put forward for BC, only one, LNG Canada, is currently active. The $40 billion LNG Canada project is a joint venture partnership between Shell, PETRONAS, PetroChina, Mitsubishi Corporation and KOGAS to build an export facility in Kitimat, northern British Columbia. There is not a single Canadian company in the partnership!

As part of this LNG development, Coastal GasLink, the company building a 670-kilometre natural gas pipeline to feed the LNG Canada project, has also faced opposition from First Nations and at the end of 2019, the pipeline right of way was blocked by protesters. In January 2020, Coastal GasLink resumed work activities including delivery of pipeline materials, and the LNG Canada project is not expected to start exports before 2024.

Over the 10-year period 2008-2018, AECO-C natural gas price dropped steadily from about C$8/gigajoule to less than C$2/gigajoule. The AECO price also continued its trend of delinking from the Henry Hub price in 2018. The price differential between AECO and Henry Hub widened to US$1.95/MMBtu in 2018 from US$1.16/MMBtu in 2017, much wider than the historical average of US$0.65/MMBtu between 2009 and 2015. The recent trends emphasize the delinking of Alberta’s gas market from the U.S. market, primarily due to U.S. gas accessing international markets through LNG exports, whereas Alberta’s gas is stranded with removal capacity filled.

At the time of this publication, the U.S. is producing so much natural gas, that forecasters are suggesting that prevailing low prices and weak forward strip pricing will force cutbacks in U.S. gas drilling activity through 2020 to drive a recovery in the commodity price. This is the market in which Canada is competing and will continue to be exploited until other export alternatives are created. Perhaps LNG Canada will help, but it may be “too little and too late”.

We are skeptical that the proposal by Alberta’s Associate Minister of Natural Gas, Dale Nally, to relieve his Province’s shallow gas producers’ economic plight through a 35% property tax reduction, addresses the fundamental problem of a “lower for longer” North American gas price scenario! Gas feed for LNG Canada will come predominately from BC, and whilst that in itself will certainly benefit the Canadian gas market overall, the outlook for Canada remains bleak in our view. Lobbying for the accelerated retirement of all Alberta coal fired power plants to natural gas alternatives may be an environmentally acceptable and economically beneficial alternative?




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.