Canadian-listed explorer Angkor Resources, through its subsidiary EnerCam, is preparing for a landmark exploration drilling campaign onshore Cambodia in 2026, which could lead to the nation's first onshore oil and gas project. The company is currently in the market for a drilling rig and ancillary services as it finalizes drilling targets.

Seismic Survey and Drilling Targets

EnerCam recently completed a 47-day 2D seismic survey on Block VIII, comprising 24 lines spanning 350 line kilometres across three provinces. This survey has led to the identification of a third anticlinal dome structure, named North Bokor, which is now a proposed drilling target alongside the previously identified Central Bokor and South Bokor structures. A key difference with the North Bokor structure is that the mapped regional unconformity surface is at significantly shallower depths, which is expected to make drilling to deeper targets easier in this part of the block. Full interpretation of the seismic data is expected in December.

Exploration and Development Plans

The company has earmarked $8 million to $10 million for its phase two exploration campaign, which will include the drilling of two to five exploration wells. Following a successful exploration phase, EnerCam plans to invest a further $27 million to $30 million on a development drilling campaign. The project is targeting a minimum recoverable resource of 25 million barrels of oil on Block VIII. Eventual initial production is targeted at an estimated 5000 barrels per day of oil, or 10 million cubic feet per day of gas. If gas is produced, the plan is to convert it to power, while any oil produced would be pumped to a tank for transportation by truck to customers.

Licensing and National Context

EnerCam holds a 30-year exploration, development and production sharing agreement for Block VIII, which was approved by the Cambodian Ministry of Mines & Energy. The licence area, which was expanded in September to include the Mussel basin, now covers a total of 4277 square kilometres. The block includes the three Bokor sub-basins of primary interest for initial drilling. EnerCam is the sole license holder of oil and gas exploration acreage onshore Cambodia, and its second and third choices of licence remain available for potential future acquisition. Success in this project would prove commercial oil and gas for the first time onshore in Cambodia, a nation that is still dependent on imports to meet its oil and gas demand, especially since its only offshore oilfield, Apsara, ceased production in 2021.