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 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. marks a significant step for Angkor, which will now hold a controlling stake in the 4,095 square kilometre onshore license.
Under the terms of the agreement, Angkor will fund the drilling program and make a payment of USD2 million to 358 by June 30, 2026. The company also has the option to issue common shares to 358, with the share price determined by the 30-day volume-weighted average trading price prior to the payment date, subject to TSX Venture Exchange approval. Once the drilling program is completed, Block VIII interests will convert to a working interest, and 358 will be obligated 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. He highlighted that 358 took on the greatest risk in the early high-risk stages, enabling EnerCam to advance the license. “Now we have drill targets and hold a 75% interest as we move towards drilling.”
With 358’s financial contributions exceeding CAD 3.6 million, EnerCam has completed several key milestones: final licensing costs, an Initial Environmental Impact Assessment, the addition and permitting of an additional 220 square kilometres in the northeast segment, a 350-kilometer 2-D seismic assessment, and the identification of four drill targets on subbasins within Block VIII (Angkor Resources’ Subsidiary Identifies Drill Targets on Block VIII).
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 TSX Venture Exchange approval.
The increased stake allows Angkor to take a leading role in exploring Cambodia's onshore oil and gas potential. EnerCam is actively advancing exploration, having completed 2D-seismic in 2025 and identified multiple drill targets. The company plans to complete an additional Environmental Impact Assessment on the drilling target areas and then proceed with drilling Cambodia’s first privately financed onshore exploratory wells under a Production Sharing Contract.
Angkor Resources Corp. is a leading resource explorer and developer in Cambodia, also holding mineral exploration licenses for copper and gold through its subsidiary Angkor Gold Corp. Co., Ltd. The company’s focus on both energy and mineral resources positions it as a key player in the country’s resource sector.
Investors should note that forward-looking statements in this release involve risks, including seismic interpretation uncertainty, drilling risks, and Cambodia-specific sovereign and regulatory risks. However, the agreement marks a pivotal moment for Angkor as it moves toward drilling and potential production.
