Angkor Resources Corp. (TSXV: ANK) announced that its energy subsidiary, EnerCam Exploration Ltd., has entered into an Amended and Restated Joint Strategic Alliance Agreement to increase its ownership interest in the Block VIII oil and gas concession in Cambodia from 20% to 75%. The agreement with 358140 Alberta Ltd. ("358") requires Angkor to fund the drilling program and make a USD2 million payment by June 30, 2026, with the option to issue common shares to 358 at the 30-day volume-weighted average trading price, subject to TSX approval.
The Block VIII concession covers approximately 4,095 square kilometers in southwest Cambodia. Under the revised terms, after completing the drilling program, the interests will convert to a working interest, with 358 obligated to contribute its 25% share 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 final licensing costs, an Initial Environmental Impact Assessment, the addition and permitting of 220 square kilometers in the northeast segment, a 350-kilometer 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 in Angkor's Cambodian subsidiary EnerCam Resources Co. Ltd. and administered by EnerCam Exploration Ltd. of Canada. The agreement is subject to approval by the TSX Venture Exchange. Angkor Resources Corp. is a leading resource explorer and developer in Cambodia, with mineral exploration licenses for copper and gold in addition to its oil and gas interests.
