Angkor Resources Corp. (TSXV: ANK) announced Monday that its energy subsidiary, EnerCam Exploration Ltd., has entered into an amended joint strategic alliance agreement with 358140 Alberta Ltd. to increase Angkor's ownership interest in the Block VIII oil and gas concession in Cambodia from 20% to 75%. The deal underscores the company's commitment to advancing exploration in the under-explored Southeast Asian nation.
Under the terms of the agreement, Angkor will assume responsibility for funding the drilling program and make a payment of USD 2 million to 358 by June 30, 2026. Alternatively, Angkor has the option to issue common shares to 358, with the share price based on the 30-day volume-weighted average trading price prior to the payment date, subject to TSX approval. After drilling is completed, 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. He noted that 358 took on significant early-stage risk, funding over CAD 3.6 million that enabled EnerCam to complete essential work, including final licensing costs, an initial Environmental Impact Assessment, the addition and permitting of an extra 220 square kilometers in the northeast segment of the license, a 350-kilometer 2-D seismic assessment, and the identification of four drill targets on subbasins within Block VIII.
The Block VIII concession spans approximately 4,095 square kilometers in southwestern Cambodia. It was originally 7,300 km² but was reduced following the voluntary removal of parks and protected areas and subsequent government remapping. The addition of the Kirirom Basin expanded it by 220 km². EnerCam completed 2-D seismic in 2025 and has identified multiple drill targets. The company plans to complete an additional Environmental Impact Assessment on the drilling target areas and then proceed to drill Cambodia's first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.
This increased stake allows Angkor to capture a larger share of potential upside from the concession, which the company believes could prove Cambodia as a nation with its own oil and gas resources. For investors, the deal reduces dilution risk by allowing Angkor to pay for the increased interest through shares if desired. However, the agreement is subject to TSX Venture Exchange approval, and forward-looking statements caution that seismic interpretation uncertainty, drilling risks, and Cambodia-specific sovereign and regulatory risks remain.
Angkor Resources also holds two mineral exploration licenses in Cambodia for copper and gold, but its focus on Block VIII represents a strategic push into energy. The company's CEO is Delayne Weeks, and more information is available at angkorresources.com.
