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 agreement with 358140 Alberta Ltd. positions Angkor to take a controlling stake in the 4,095 square kilometre onshore license by funding the drilling program and making a payment of USD 2 million by June 30, 2026.
The deal underscores Angkor's commitment to advancing Cambodia's oil and gas potential. Under the terms, Angkor has the option to issue common shares to 358 for the $2 million payment, with the share price based on the 30-day volume-weighted average trading price prior to payment, subject to TSX Venture Exchange approval. Upon completion of drilling, interests will convert to a working interest, with 358 obligated to contribute its 25% of development costs.
Mike Weeks, President of EnerCam, highlighted the strategic benefit: "This is a positive deal for both companies but especially benefits EnerCam / Angkor and its shareholders by increasing our interest substantially to 75%." He noted that 358's early funding at high-risk stages enabled EnerCam to advance the license, and now with drill targets identified, Angkor holds a 75% interest as it moves toward drilling. 358 retains a working interest, and Angkor has the option to convert 358's ownership investment into shares.
358's financial contributions exceeding CAD 3.6 million have already funded critical steps: final licensing costs, an initial Environmental Impact Assessment, permitting an additional 220 square kilometres in the northeast segment (the Kirirom Basin), a 350-kilometer 2-D seismic assessment, and the determination of four drill targets on subbasins within Block VIII. These targets were identified in a previous announcement (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. of Canada. The license originally spanned 7,300 km² but was reduced upon voluntary removal of parks and protected areas, adjusted through government remapping, and then expanded by 220 km² to its current size. EnerCam is actively advancing exploration to prove Cambodia as a nation with its own oil and gas resources. With 2D-seismic completed in 2025 and multiple drill targets identified, the company plans to complete an additional Environmental Impact Assessment on drilling target areas and then drill Cambodia’s first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.
The implications of this increased stake are significant for Angkor and its shareholders. By assuming a 75% interest, Angkor gains greater control over the project's direction and potential revenues. For the industry, this move reinforces Cambodia's emergence as a prospective oil and gas jurisdiction, attracting further investment. The drilling program, once completed, could validate the country's onshore hydrocarbon potential, with possible ripple effects on energy security and economic development in the region. The agreement is subject to TSX Venture Exchange approval.
