Indocan Resources Applies for Cambodia Exploration Rights
11 October 2005 - 2:55AM
PR Newswire (US)
PHNOM PENH, Cambodia, Oct. 10 /PRNewswire-FirstCall/ -- Indocan
Resources Inc (OTC:IDCN) today announces that the first two of four
applications to the Cambodian Government were filed today for the
exploration rights of coastal areas and offshore areas of the
country. Cambodia has long been known to have huge potential
offshore oil and gas reserves worth as much as 500 million dollars
a year, but a lack of infrastructure combined with disputes over
ownership with neighboring Thailand have hindered progress. Surveys
suggest that the Overlapping Claims Area (OCA) have high
hydrocarbon potential with estimates of 11 trillion cubic feet of
natural gas. If successfully extracted, then the country could
receive up to $1 billion per annum in revenue from its fifty
percent stake. Equally contentious, though for completely different
reasons, are Cambodia's onshore basins. In the late 1990's the
Japanese National Oil Corporation (JNOC) conducted $20 million
dollars' worth of aeromagnetic and gravity surveys over the Tonle
Sap (South East Asia's greatest lake) and Mekong Delta basins. The
survey area covered 54,000 sq km and identified two deep
sedimentary features in the Tonle Sap basin and a third in the
Mekong basin. Indocan Resources president, Jeffrey Bruhjell said
that "In January 2005, ChevronTexaco announced that its affiliate
has discovered oil in four exploration wells in offshore Cambodia
Block A. The 6,278 square kilometer block, encompassing the Khmer
Basin with water depths averaging 240 feet, was awarded to Chevron
Overseas Petroleum (Cambodia) Ltd. (COPCL), and its partners in
March 2002. COPCL has a 55 percent interest in the block and is the
operator. Oil pay zone logged in the wells ranges from 41 feet to
139 feet. Analysis of samples indicates the oil is 44 degree API
crude." More information is available at http://www.indocan.com/
Company Info: +1-604-929-7224 Jeffrey R Bruhjell, president
CONTACT: Investor Relations, +662-343-1631 DATASOURCE: Indocan
Resources Inc CONTACT: Jeffrey R Bruhjell, president of Indocan
Resources Inc, +1-604-929-7224; or Investor Relations,
+662-343-1631 Web site: http://www.indocan.com/
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