TORONTO, Feb. 06, 2019 (GLOBE NEWSWIRE) -- Angkor Gold Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) CEO Stephen Burega is pleased to announce that Angkor is actively pursuing oil and gas opportunities in Cambodia in addition to its ongoing mineral exploration projects.
“Angkor is currently in discussions with Cambodia’s oil and gas authorities regarding pursuing oil and gas concessions and available licenses,” reported Angkor CEO Stephen Burega. “We have been looking at the potential of oil and gas in Cambodia for the last 5 years.”
Cambodia has traditionally been viewed primarily as a country with mining and mineral resource opportunities, however, sizeable oil and gas reserves have been developed on three sides of the country – in 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.
“The sedimentary basins inland in Cambodia have never been systematically explored,” said Angkor Executive Chairman Mike Weeks, “partially because of previous historical regional instability and a poor understanding of local geology as it relates to hydrocarbons. We see the potential for petroleum accumulations in Cambodia indicated by onshore natural oil seepages, the presence of sedimentary rocks and geological structures that may trap and hold oil and gas, and the similarity of geology of areas adjacent to Cambodia where oil and gas has been found and is being produced.”
To assist in this expansion of Angkor’s resource focus, 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.
Lorne Rosenthal has a PhD in geology from the University of Manitoba. He worked in a number of different staff and consultant positions, including Well Site Geologist, Exploration Geologist, Area Manager, Senior Research Scientist, VP Exploration, and finally President and CEO. He has been either employed or retained under contract by many oil companies in Calgary including Unocal, Sceptre, Murphy, Chevron, PanCanadian, and PetroCanada.
“I have been reviewing all available data and the geological setting for several years,” said Rosenthal, “I would say that parts of Cambodia have similar geology to some of the world’s important oil-bearing basins.”
In addition to mineral exploration, Angkor Executive Chairman Mike Weeks has a long and successful career in the oil and gas industry with 25 years’ experience in project management of petroleum-related industries. He also spent over 14 years negotiating with foreign governments in developing and implementing natural resource concessions.
Angkor continues to explore and develop its five exploration licenses in the Kingdom of Cambodia that cover approximately 983 km2, 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.
“We are very excited about the possibility of adding oil and gas prospects to Angkor’s portfolio of exploration properties,” said Angkor CEO Stephen Burega. “Cambodia continues to offer exceptional opportunities as an underexplored region and Angkor is well-placed to lead the way in new discoveries.”
ABOUT ANGKOR GOLD CORP.
ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is a leading mineral explorer in Cambodia with a large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.
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 of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.