Angkor Resources Corp. (TSXV: ANK) announced that its energy subsidiary, EnerCam Exploration Ltd., has entered into an Amended and Restated Joint Strategic Alliance Agreement to increase its ownership interest in the Block VIII oil and gas concession in Cambodia from 20% to 75%. The agreement with 358140 Alberta Ltd. involves Angkor assuming responsibility for funding the drilling program and making a payment of USD 2 million by June 30, 2026. Angkor also has the option to issue common shares to 358 for the payment, with the share price based on the 30-day volume-weighted average trading price prior to the payment date, subject to TSX approval.
Block VIII covers approximately 4,095 square kilometres in southwest Cambodia. The increased stake positions Angkor to lead the exploration and development of the concession, which has already identified four drill targets through a 350-kilometer 2-D seismic survey. The company plans to complete an additional Environmental Impact Assessment on the drilling target areas before drilling Cambodia’s first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.
“This is a positive deal for both companies but especially benefits EnerCam / Angkor and its shareholders by increasing our interest substantially to 75%,” said Mike Weeks, President of EnerCam. “With funding from 358 at the very early high-risk stages, 358 took on the greatest risk to our benefit; 358 made it possible for EnerCam/Angkor to advance the license, and now we have drill targets and hold a 75% interest as we move towards drilling. 358 keeps its involvement with a working interest and we have the option to convert 358’s ownership investment into shares of Angkor.”
358’s financial contributions to date exceed CAD 3.6 million, which enabled EnerCam to complete final licensing costs, an Initial Environmental Impact Assessment, the addition and permitting of an extra 220 square kilometres in the northeast segment of the original license, a 350-kilometer 2-D seismic assessment, and the determination of four drill targets on subbasins within Block VIII (see Angkor Resources’ subsidiary identifies drill targets on Block VIII oil & gas, Cambodia).
The Block VIII concession is held in Angkor's Cambodian subsidiary EnerCam Resources Co. Ltd. and is administered by Angkor’s wholly owned EnerCam Exploration Ltd. of Canada. The terms of the Agreement are subject to approval of the TSX Venture Exchange.
This announcement marks a significant milestone for Angkor Resources as it moves towards drilling operations, positioning the company to potentially prove Cambodia as a nation with its own oil and gas resources. The increased interest also strengthens Angkor’s portfolio, which includes two mineral exploration licenses in Cambodia with multiple prospects in copper and gold.
