Angkor Resources Increases Stake to 75% in Cambodia's Block VIII Oil & Gas License

Angkor Resources Corp. (TSXV: ANK) announced Monday that its energy subsidiary, EnerCam Exploration Ltd., has entered into an amended agreement to increase its ownership interest in the Block VIII oil and gas concession in Cambodia from 20% to 75%. The move positions Angkor as the majority stakeholder in the 4,095-square-kilometer onshore license, which has already identified multiple drill targets.

Under the Amended and Restated Joint Strategic Alliance Agreement with 358140 Alberta Ltd. ("358"), Angkor will assume responsibility for funding the drilling program and make a payment of USD 2 million to 358 by June 30, 2026. Angkor also has the option to issue common shares to 358 for the payment, with the share price based on the 30-day volume-weighted average trading price prior to the payment date, subject to TSX Venture Exchange approval. Upon completion of drilling, the Block VIII interests will convert to a working interest, and 358 will be required 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. “With funding from 358 at the very early high-risk stages, 358 took on the greatest risk to our benefit; 358 made it possible for EnerCam/Angkor to advance the license, and now we have drill targets and hold a 75% interest as we move towards drilling.”

358’s financial contributions to date have exceeded CAD 3.6 million, enabling EnerCam to complete final licensing costs, an Initial Environmental Impact Assessment, the addition and permitting of 220 square kilometers in the northeast segment of Block VIII (the Kirirom Basin), a 350-kilometer 2-D seismic assessment, and the determination of four drill targets on subbasins within Block VIII. Details on the drill targets were previously released by Angkor (see 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 agreement remains subject to TSX Venture Exchange approval.

Angkor Resources Corp. is a leading resource explorer and developer in Cambodia, with both mineral and energy interests. Its energy subsidiary, EnerCam Resources Co., Ltd., was granted the onshore Block VIII oil and gas license in southwestern Cambodia. The original 7,300 km² license was reduced to approximately 4,300 km² upon voluntary removal of parks and protected areas, subsequently adjusted through government remapping, and then expanded by 220 km² with the addition of the Kirirom Basin. EnerCam completed 2D-seismic in 2025 and has identified multiple drill targets with multiple target zones. The company plans to follow with drilling Cambodia’s first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.

On the mineral side, Angkor’s subsidiary Angkor Gold Corp. Co., Ltd. currently holds two mineral exploration licenses in Cambodia with multiple prospects in copper and gold. The company disposed of its Oyadao North license in mid-2025.