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 deal, structured through an Amended and Restated Joint Strategic Alliance Agreement with 358140 Alberta Ltd., positions Angkor as the majority stakeholder in the 4,095 square kilometre onshore license.
Under the terms, Angkor will assume funding responsibility for the drilling program and make a payment of USD2 million to 358 by June 30, 2026. The payment may be made in cash or through the issuance of 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, 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.”
358’s financial contributions to date exceed CAD 3.6 million, enabling EnerCam to complete several key milestones: final licensing costs, an initial Environmental Impact Assessment, permitting an additional 220 square kilometres in the northeast segment of Block VIII, a 350-kilometre 2-D seismic survey, and identification of four drill targets on subbasins within the concession (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 administered by EnerCam Exploration Ltd. of Canada. The agreement remains subject to TSX Venture Exchange approval.
Angkor Resources Corp., a leading resource explorer in Cambodia, holds mineral exploration licenses for copper and gold through its subsidiary Angkor Gold Corp. Co., Ltd. The company’s energy arm, EnerCam, is advancing Cambodia’s first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract, following the completion of an additional Environmental Impact Assessment on drilling target areas.
The increased ownership stake underscores Angkor’s commitment to proving Cambodia’s onshore oil and gas potential, with drilling targets already identified from seismic data. The deal also provides flexibility for 358 to convert its ownership investment into Angkor shares, aligning interests as the project moves toward drilling.
