Angkor Resources Corp. (TSXV: ANK) announced through its energy subsidiary EnerCam Exploration Ltd. that it has entered into an Amended and Restated Joint Strategic Alliance 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. ("358") allows Angkor to assume responsibility for funding the drilling program and making a USD2 million payment by June 30, 2026, with an option to issue common shares instead of cash, subject to TSX Venture Exchange approval.
Block VIII covers approximately 4,095 square kilometers in southwest Cambodia. The increased stake comes after 358 contributed over CAD 3.6 million to earlier stages, which enabled EnerCam to complete licensing, an initial environmental impact assessment, add 220 square kilometers in the northeast, conduct a 350-kilometer 2-D seismic survey, and identify four drill targets on subbasins within the concession. The targets were detailed in a prior announcement (Angkor Resources’ Subsidiary Identifies Drill Targets on Block VIII).
Mike Weeks, President of EnerCam, said: "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 in early stages, enabling EnerCam to advance the license, and now the company holds a 75% interest as it moves toward drilling. 358 will retain a 25% working interest and may convert its ownership investment into Angkor shares.
On completion of the drilling program, the Block VIII interests will convert to a working interest, and 358 will be obligated to contribute its 25% of development costs. The concession is held in Angkor's Cambodian subsidiary EnerCam Resources Co. Ltd. and administered by EnerCam Exploration Ltd. of Canada. The agreement is subject to TSX Venture Exchange approval.
Angkor Resources is a leading resource explorer and developer in Cambodia, with mineral and energy operations. Its mineral subsidiary, Angkor Gold Corp. Co., Ltd., holds two mineral exploration licenses with copper and gold prospects. The company's energy subsidiary is advancing oil and gas exploration to prove Cambodia as a nation with its own oil and gas resources, planning to drill the country's first privately financed onshore exploratory wells under a Production Sharing Contract.
