Angkor Gold widens exploration interests in Cambodia to oil and gas
- กุมภาพันธ์ 8, 2019
- Posted by: iecc_admin2
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’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 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.
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.