The oil exploration being conducted by Angkor Resources Corp at the Kompong Som Basin is off to a good start.
The company reported on its website that initial exploration points to the possibility of the area having commercial quantities of oil.
It said that there were several well-distributed oil seeps within and around its new Block VIII oil and gas licence. The 7,300-square-kilometres Block VIII is located within the Kompong Som Basin in the Kingdom’s southwest.
Oil seeps are crude oil or gas escaping through the earth’s atmosphere or surface. Often, the seeps indicate the presence of a substantial quantity of oil or gas reserves in the area.
“We are very pleased to have this data locating and testing seeps on our new oil and gas license,” said Angkor CEO Stephen Burega.
The report on the discovery of oil seeps was done by John Menzies, CEO of CMI Capital Ltd. The report documents 21 separate surface oil seeps and occurrences. Samples were taken and submitted to Schlumberger Ltd for confirmation. Schlumberger Ltd is one of the leading oilfield services providers in the world.
The testing results from Schlumberger Ltd on the oil seeps, according to Mr Burega, confirm surface hydrocarbons.
Mr Burega said the good news out of Block VIII will allow them to speed up their work.
“With the large amount of work and data compiled on 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,” he said.
The Ministry of Mines and Energy in August granted Angkor Resources Corp a license to explore for oil and gas. Angkor Resources Corp is conducting oil exploration in Cambodia through its subsidiary, EnerCam Resources Co Ltd.
The company recently raised $1 million through direct share sales. The money, according to the company, will be used to pay licensing fees, acquire existing seismic and geological data, field operation, and general operating expenses.
Cambodia will soon be producing oil after the discovery of sizable oil reserves in the Gulf of Thailand.
The Apsara Oilfield, which is being developed by the Singaporean company KrisEnergy, is expected to produce its first drop of oil later this year.