ANGKOR RESOURCES CORP. (TSXV: ANK) announced that its energy subsidiary, EnerCam Exploration Ltd., has entered into an Amended and Restated Joint Strategic Alliance Agreement to increase its ownership interest from 20% to 75% in the Block VIII oil and gas concession in Cambodia. The agreement with 358140 Alberta Ltd. ("358") requires Angkor to fund the drilling program and make a USD 2 million payment by June 30, 2026. Alternatively, Angkor may issue common shares to 358 at the 30-day volume-weighted average trading price, subject to TSX approval. Upon completion of drilling, interests will convert to a working interest, with 358 obligated to contribute its 25% share of development costs.
The Block VIII concession covers approximately 4,095 square kilometers in southwest Cambodia. With 358's financial contributions exceeding CAD 3.6 million, EnerCam has completed final licensing, an Initial Environmental Impact Assessment, added and permitted an additional 220 square kilometers in the northeast, conducted a 350-kilometer 2-D seismic survey, and identified four drill targets on subbasins within Block VIII. These achievements have de-risked the project significantly, moving it toward drilling Cambodia's first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.
“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 increased stake gives Angkor majority control and greater upside potential from future discoveries. The company plans to complete an additional Environmental Impact Assessment on drilling target areas before proceeding with drilling. The Block VIII license is held through Angkor's Cambodian subsidiary EnerCam Resources Co. Ltd. and administered by EnerCam Exploration Ltd. of Canada. The agreement is subject to TSX Venture Exchange approval.
Angkor Resources Corp. is a leading resource explorer in Cambodia, with mineral exploration licenses for copper and gold. The company's focus on energy solutions aligns with its mission to prove Cambodia as a nation with its own oil and gas resources. The seismic assessment and identification of drill targets mark critical steps toward commercial production, potentially transforming Cambodia's energy landscape.
For more information, visit angkorresources.com. The original press release is available at NewMediaWire.
