Angkor Resources Corp. (TSXV: ANK) announced that its energy subsidiary, EnerCam Exploration Ltd., has entered into an amended agreement to increase its interest in the Block VIII oil and gas concession in Cambodia from 20% to 75%. The move underscores the company’s commitment to advancing onshore oil and gas exploration in the Southeast Asian nation.
Under the terms of the Amended and Restated Joint Strategic Alliance Agreement with 358140 Alberta Ltd. (“358”), Angkor will assume responsibility for funding the drilling program and make a payment of USD2 million to 358 by June 30, 2026. Alternatively, Angkor has the option to issue common shares to 358 at the 30-day volume-weighted average trading price, subject to TSX approval. Upon completion of drilling, the interests will convert to a working interest, with 358 obligated to contribute its 25% share of development costs.
“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.”
The Block VIII concession covers approximately 4,095 square kilometres in southwestern Cambodia. 358’s financial contributions, exceeding CAD 3.6 million, have enabled EnerCam to complete critical milestones, including final licensing, an Initial Environmental Impact Assessment, the addition of 220 square kilometres in the northeast segment, a 350-kilometre 2-D seismic survey, and identification of four drill targets on subbasins within Block VIII (ANGKOR RESOURCES’ SUBSIDIARY IDENTIFIES DRILL TARGETS ON BLOCK VIII OIL & GAS, CAMBODIA – Angkor Resources Corp).
The concession is held in Angkor’s Cambodian subsidiary EnerCam Resources Co. Ltd. and administered by EnerCam Exploration Ltd. of Canada. The company plans to complete an additional Environmental Impact Assessment on drilling target areas and then drill Cambodia’s first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.
This increased stake positions Angkor Resources as a key player in Cambodia’s nascent oil and gas sector. The company’s mineral subsidiary, Angkor Gold Corp. Co., Ltd., currently holds two mineral exploration licenses in Cambodia focused on copper and gold prospects.
The terms of the agreement are subject to approval of the TSX Venture Exchange. Angkor Resources continues to advance its energy and mineral projects, aiming to prove Cambodia as a nation with its own hydrocarbon resources.
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