Angkor Resources Corp. (TSXV: ANK) announced on April 28, 2026, 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 deal, structured through an Amended and Restated Joint Strategic Alliance Agreement with 358140 Alberta Ltd. ("358"), positions Angkor as the dominant partner as it prepares to drill exploratory wells.
Under the agreement, Angkor will fund the drilling program and make a USD2 million payment to 358 by June 30, 2026. Alternatively, Angkor may issue common shares to 358 at the 30-day volume-weighted average trading price, subject to TSX Venture Exchange approval. Upon completion of drilling, interests will convert to a working interest, with 358 obligated to contribute its 25% share of development costs.
Mike Weeks, President of EnerCam, highlighted the strategic value: "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 assumed the early high-risk funding, enabling EnerCam to advance the license, identify drill targets, and now hold a 75% interest as drilling approaches.
358's financial contributions, exceeding CAD 3.6 million, funded critical pre-drilling milestones: final licensing costs, an Initial Environmental Impact Assessment, permitting an additional 220 square kilometers in the northeast segment of Block VIII, a 350-kilometer 2D seismic survey, and identification of four drill targets on subbasins within the concession (Angkor Resources’ Subsidiary Identifies Drill Targets on Block VIII Oil & Gas, Cambodia).
The Block VIII concession, spanning approximately 4,095 square kilometers, is held through Angkor's Cambodian subsidiary EnerCam Resources Co. Ltd. and administered by EnerCam Exploration Ltd. of Canada. The company plans to complete an additional Environmental Impact Assessment on drilling target areas before drilling Cambodia's first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.
Angkor Resources is a leading resource explorer and developer in Cambodia, with mineral exploration licenses for copper and gold through its subsidiary Angkor Gold Corp. Co., Ltd. The company holds two active mineral licenses in their first two-year renewal term.
The amended agreement remains subject to TSX Venture Exchange approval. Forward-looking statements in the release involve risks including seismic interpretation uncertainty, drilling risk, reservoir and fluid uncertainty, Production Sharing Contract compliance, oil price exposure, and Cambodia-specific sovereign and regulatory risks.
