Overview of the Amended Alliance and Stake Increase

Toronto-listed Angkor Resources has amended its alliance with private Canadian firm 358140 Alberta Ltd (358) to significantly increase its ownership in the Block VIII concession onshore Cambodia. Through its subsidiary EnerCam Exploration Ltd, Angkor will raise its interest from 20% to 75% by funding the upcoming drilling campaign and paying US$2 million to 358 by June 30. Angkor has the option to issue common shares for this payment, subject to TSX approval. After drilling, interests will convert to a working interest, with 358 obligated to contribute 25% of development costs.

Drilling Plans and Targets

EnerCam has identified multiple drill targets with several target zones, planning Cambodia’s first privately financed onshore exploration wells under a production sharing contract. The maiden drilling program is set to commence in late 2026, testing two primary objectives in each of the Bokor basin wells, which may exceed 3,000 meters in depth to evaluate prospective zones. The targets could contain gas or oil, with drilling required to confirm reservoir contents.

Financial and Operational Contributions

358’s financial contributions have exceeded C$3.6 million (US$2.64 million), enabling EnerCam to complete an initial environmental impact assessment (EIA), acquire an additional 220 square kilometers in the northeast segment of the original license, and conduct a 350-line kilometer 2D seismic survey. EnerCam aims to spud the initial well in late 2026 after EIA approval, expected to be submitted this month.

Concession Details and Geological Features

The original 7,300-square kilometer Block VIII license was reduced due to voluntary removal of protected areas, then remapped by the government and expanded by 220 square kilometers with the addition of the Kirirom sub-basin (formerly Mussel basin). The current license area covers approximately 4,095 square kilometers. Structural traps in the Bokor sub-basins are found on a north-south trend of anticlines along a fold belt’s leading edge, with four-way closures seismically mapped at South Bokor, North Bokor, and Central Bokor. A stratigraphic trap with an estimated area of 28 square kilometers is present in the Kirirom sub-basin.

Expert Commentary and Analogies

EnerCam president Mike Weeks noted the deal benefits both companies, highlighting 358’s early high-risk funding that advanced the license. David Johnson, qualified professional for Angkor, compared the asset to early surface geology-driven exploration in Wyoming, with seismic data defining multiple potential traps in a basin analogous to the producing Nam Phong and Sinphuhorm fields in Thailand’s Khorat basin.