ANGKOR RESOURCES CORP. (TSXV: ANK) has announced a significant increase in its ownership of the Block VIII oil and gas concession in Cambodia, rising from 20% to 75% through an amended agreement with its partner. The move consolidates Angkor's control over the 4,095 square kilometre license and advances the project toward drilling.
The Amended and Restated Joint Strategic Alliance Agreement with 358140 Alberta Ltd. ("358") requires Angkor to fund the drilling program and make a USD 2 million payment to 358 by June 30, 2026. Angkor has the option to issue common shares for the payment, priced at the 30-day volume-weighted average trading price before the payment date, subject to TSX approval. After drilling, the interests will convert to a working interest, with 358 obligated to contribute its 25% of development costs.
Mike Weeks, President of EnerCam, Angkor's energy subsidiary, stated, "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 took on the greatest risk during early stages, enabling EnerCam to advance the license and identify drill targets. "Now we have drill targets and hold a 75% interest as we move towards drilling," he added.
358's financial contributions to date exceed CAD 3.6 million, which funded final licensing costs, an initial Environmental Impact Assessment, the addition and permitting of 220 square kilometres in the northeast segment of Block VIII, a 350-kilometre 2-D seismic assessment, and the determination 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 through Angkor's Cambodian subsidiary EnerCam Resources Co. Ltd. and administered by EnerCam Exploration Ltd. of Canada. The agreement remains subject to approval by the TSX Venture Exchange.
Angkor Resources Corp. is a leading resource explorer and developer in Cambodia, focusing on mineral and energy solutions. Its energy subsidiary holds the Block VIII onshore oil and gas license in southwest Cambodia, originally 7,300 km² but reduced to approximately 4,095 km² after voluntary removal of parks and protected areas and government remapping. EnerCam completed 2D-seismic in 2025 and identified multiple drill targets. The company plans to complete an additional Environmental Impact Assessment on drilling target areas before drilling Cambodia's first privately financed onshore exploratory wells under a Production Sharing Contract.
On the mineral side, Angkor's subsidiary holds two mineral exploration licenses in Cambodia with prospects in copper and gold, both in their first two-year renewal term.
