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 positions the company as the majority stakeholder in the 4,095-square-kilometer onshore license, which contains identified drill targets.
Under the Amended and Restated Joint Strategic Alliance Agreement with 358140 Alberta Ltd., Angkor will assume responsibility for funding the drilling program and make a payment of USD 2 million to 358 by June 30, 2026. The payment can 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. Following the drilling program, 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. He noted that 358 took on the greatest risk during the early high-risk stages, enabling EnerCam to advance the license. “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.”
With 358’s financial contributions exceeding CAD 3.6 million, EnerCam completed several key milestones: final licensing costs, an Initial Environmental Impact Assessment, permitting an additional 220 square kilometers in the northeast segment, a 350-kilometer 2-D seismic assessment, and the identification of four drill targets on subbasins within Block VIII (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. The agreement is subject to TSX Venture Exchange approval. Angkor Resources is a leading resource explorer in Cambodia, with mineral exploration licenses for copper and gold and a focus on proving Cambodia as a nation with its own oil and gas resources.
