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, detailed in an Amended and Restated Joint Strategic Alliance Agreement with 358140 Alberta Ltd. ("358"), positions Angkor as the majority holder of the 4,095-square-kilometre license.
Under the terms, Angkor will assume responsibility for funding the drilling program and make a payment of USD 2 million to 358 by June 30, 2026. Angkor also has the option to issue common shares to 358 for the payment, with the issuance price based on the 30-day volume-weighted average trading price prior to the payment date, subject to TSX Venture Exchange approval. Once drilling is complete, the Block VIII 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 to initiate exploration, an Initial Environmental Impact Assessment, the addition and permitting of an additional 220 square kilometres in the northeast segment of the original license as part of Block VIII, a 350-kilometer 2-D seismic assessment of the concession, and the determination of four drill targets on subbasins within Block VIII (as detailed in a prior release: Angkor Resources' Subsidiary Identifies Drill Targets on Block VIII Oil & Gas, Cambodia).
The Block VIII concession, held in Angkor's Cambodian subsidiary EnerCam Resources Co. Ltd. and administered by EnerCam Exploration Ltd. of Canada, represents a significant opportunity for Cambodia's energy sector. The company completed 2D-seismic in 2025 and identified multiple drill targets with multiple target zones. As it works to complete an additional Environmental Impact Assessment on the drilling target areas, the company plans to follow with drilling Cambodia's first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.
The implications of this increased stake are substantial. For Angkor shareholders, the move amplifies exposure to potential discoveries in a frontier oil and gas region. For Cambodia, successful drilling could prove the nation as a holder of its own oil and gas resources, reducing reliance on imports and fostering energy independence. The agreement also underscores the collaborative risk-sharing model between Angkor and 358, with 358 retaining a working interest and the option to convert its ownership investment into Angkor shares.
The terms of the agreement are subject to approval of the TSX Venture Exchange. Angkor Resources Corp. is a leading resource explorer and developer in Cambodia, with additional mineral exploration licenses for copper and gold.
