Angkor Resources Corp. (TSXV: ANK) announced Monday 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 positions the company as the dominant partner in the 4,095-square-kilometer onshore license located in the southwest quadrant of Cambodia.
Under 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 USD 2 million to 358 by June 30, 2026. The agreement also grants Angkor 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 Venture Exchange approval. Upon completion of drilling, Block VIII interests will convert to a working interest, with 358 obligated to contribute its 25% share of development costs.
Mike Weeks, President of EnerCam, noted, "This is a positive deal for both companies but especially benefits EnerCam / Angkor and its shareholders by increasing our interest substantially to 75%. 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 have exceeded CAD 3.6 million, enabling EnerCam to complete several key milestones: final licensing costs, an Initial Environmental Impact Assessment, addition and permitting of an extra 220 square kilometers in the northeast segment of Block VIII, 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 Angkor's wholly owned EnerCam Exploration Ltd. of Canada. 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.
Angkor Resources is a leading resource explorer and developer in Cambodia, also holding two mineral exploration licenses with multiple copper and gold prospects. The company's mineral subsidiary disposed of its Oyadao North license in mid-2025 and continues to advance its remaining licenses.
The terms of the Agreement are subject to approval of the TSX Venture Exchange.
