Angkor Resources Corp. (TSXV: ANK) announced that its energy subsidiary, EnerCam Exploration Ltd., has entered into an amended agreement to increase its ownership interest in the Block VIII oil and gas concession in Cambodia from 20% to 75%. The move underscores the company's commitment to advancing exploration in a region with significant untapped potential.
Under the terms of the Amended and Restated Joint Strategic Alliance Agreement with 358140 Alberta Ltd., Angkor will fund the drilling program and make a payment of USD 2 million by June 30, 2026. The payment can be made in cash or common shares, with the share price based on the 30-day volume-weighted average trading price prior to the payment date, subject to TSX Venture Exchange approval. Upon completion of drilling, Block VIII interests will convert to a working interest, with 358 retaining a 25% stake and obligated to contribute its 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. He noted that 358 took on the greatest risk in the early stages, enabling EnerCam to advance the license and identify drill targets. Now, with drill targets in hand, Angkor holds a 75% interest as it moves toward drilling.
Block VIII covers approximately 4,095 square kilometers in southwest Cambodia. The license was originally 7,300 km² but was reduced after voluntary removal of parks and protected areas, then adjusted through government remapping and expanded by 220 km² with the addition of the Kirirom Basin. The concession is held in Angkor's Cambodian subsidiary EnerCam Resources Co. Ltd. and administered by EnerCam Exploration Ltd. of Canada.
With over CAD 3.6 million in financial contributions from 358, EnerCam completed several key milestones: final licensing costs, an Initial Environmental Impact Assessment, addition and permitting of 220 km² in the northeast, a 350-kilometer 2-D seismic survey, and identification of four drill targets on subbasins within Block VIII (as detailed in this release). The company now plans to complete an additional Environmental Impact Assessment before drilling Cambodia's first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.
This transaction is significant as it positions Angkor to control a majority interest in a promising frontier hydrocarbon province. Cambodia, while not a major oil producer, has shown potential with onshore and offshore discoveries. The successful development of Block VIII could reduce the country's reliance on energy imports and open new avenues for economic growth. For Angkor, the increased stake aligns with its strategy to be a leading resource explorer in Cambodia, with both energy and mineral assets.
The agreement is subject to TSX Venture Exchange approval. Angkor Resources also holds mineral exploration licenses in Cambodia for copper and gold, which are in their first two-year renewal term. The company's focus remains on advancing both its energy and mineral projects to create shareholder value.
