Angkor Resources Corp. (TSXV: ANK) announced on April 28, 2026, that its energy subsidiary, EnerCam Exploration Ltd., has entered into an Amended and Restated Joint Strategic Alliance Agreement with 358140 Alberta Ltd. to increase its ownership interest from 20% to 75% in the Block VIII oil and gas concession in Cambodia. The agreement marks a pivotal development for the company as it advances toward drilling exploratory wells.
Under the fundamental terms of the Agreement, Angkor's interest in the 4,095 square kilometre Block VIII concession will increase to 75% by assuming responsibility for funding the drilling program and making a USD2 million payment to 358 by June 30, 2026. Angkor also has the option to issue common shares to 358 for the payment, with the issuance price based on the 30-day volume-weighted average trading price prior to the payment date, subject to TSX approval. Upon completion of the drilling program, Block VIII interests will convert to a working interest, and 358 will be obligated to contribute its 25% of development costs.
Mike Weeks, President of EnerCam, stated, "This is a positive deal for both companies but especially benefits EnerCam / Angkor and its shareholders by increasing our interest substantially to 75%. 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 exceed CAD 3.6 million, enabling EnerCam to complete several key activities: final licensing costs to initiate exploration, an Initial Environmental Impact Assessment, addition and permitting of an additional 220 square kilometres in the northeast segment of Block VIII, a 350 kilometre 2-D seismic assessment, and 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 in Angkor's Cambodian subsidiary EnerCam Resources Co. Ltd. and administered by EnerCam Exploration Ltd. of Canada. The terms are subject to TSX Venture Exchange approval.
Angkor Resources Corp. is a leading resource explorer and developer in Cambodia, with mineral and energy operations. Its energy subsidiary, EnerCam Resources Co., Ltd., was granted the Block VIII onshore oil and gas license covering approximately 4,095 km². The company completed 2D-seismic in 2025 and identified multiple drill targets. It now plans to complete an additional Environmental Impact Assessment on drilling target areas and follow with drilling Cambodia's first privately financed onshore exploratory oil and gas wells under a Production Sharing Contract.
The mineral subsidiary, Angkor Gold Corp. Co., Ltd., currently holds two mineral exploration licenses in Cambodia with prospects in copper and gold. Both licenses are in their first two-year renewal term.
