ANK:CC - Angkor Resources' EnerCam Exploration Canada Signs Joint Strategic Alliance Agreement On Oil & Gas Block Viii Onshore, Cambodia
(TheNewswire)
GRANDE PRAIRIE, ALBERTA - March 4,2025 – TheNewswire - ANGKOR RESOURCES CORP.(TSXV: ANK) (“ANGKOR”) announces itsCanadian energy subsidiary, EnerCam Exploration Ltd.(“EnerCamCanada”), has signed a Joint Strategic Alliance Agreement (the“Agreement”) on February 28, 2025 with 358140 Alberta Ltd.(“358”) and with EnerCam Resources Co. Ltd. Cambodia (“EnerCamCambodia”) to finance and develop oil and gas production for theCambodian Block VIII onshore project. (the ”Project”).
President of EnerCam, Mike Weeks, comments on thetransaction: “We are so pleased to be in a Strategic Alliance with358, a Canadian company that is well versed in the oil & gasindustry. Their funding will allow us to advance the Project tocomplete magnetics, seismic, and other activities we anticipate willlead to Cambodia’s first onshore wells being drilled. Their addedexpertise of using advanced drilling and recovery methods in Canadamake way for Cambodia to not only move to producing its own energyfrom hydrocarbons, but to do so in using some of the latest, greenesttechnologies.” Weeks adds, “As well, 358 brings business acumenfor adding additional investors at a strategic time to grow theproject and the industry. Any additional funding and investment intothe Project are governed by mutual agreement and comes out of 358’sinterest.”
Highlights of the agreementinclude:
358 shall be responsible to fund 100% of the Projectunder the Agreement terms.
EnerCam will be the Operator of the Project fromexploration through to production.
EnerCam will maintain a 20% carried interest in theProject and 358 will hold an 80% interest in the Project. EnerCamhas the option of converting to a 3% GORR (gross overriding royalty)at the production stage.
Phase One will cover licensing commitments, seismic andanalysis, and drill targets developed at an estimated cost of $4.5million USD. Phase Two will cover additional 3-D seismic ifnecessary and a series of exploratory wells for an estimated cost of$5.5 million USD. Phase three will cover drilling severaldevelopmental wells at an estimated cost of $20-$30 million USD.
358 has the option to add 358 associates or personnelto the Operator’s team to add capacity to human resources.
358 shall pay an amount of $125,000 USD to EnerCamCanada as a participation fee.
A member of Angkor’s management holds anon-controlling interest in 358. EnerCam’s technical managementteam will include veterans from across the globe who have decades ofexperience in the oil and gas industry. First steps of the Projectwill be final government approval to proceed with a voluntaryreduction of land from EnerCam Cambodia to remove parks, protectedareas, and wildlife sanctuaries from the areas of exploration andpotential production.
EnerCam Cambodia negotiated and finalized a 30-yearProduction Sharing Contract with the Royal Government of Cambodiaregarding oil and gas exploration and production in Block VIII in late2022. The reduction of the size of the licensefrom 7300 square kilometres to 3729 square kilometres to removeparkland requires written approval from government authorities forBlock VIII to proceed.
To date, Cambodia has no onshore oil and gas wellsdrilled in the country, although it is surrounded by production inVietnam, and Thailand. Currently, Cambodia spends over *$2 billionUSD annually importing its hydrocarbon-based energy products such asLNG, LPG, gasoline, diesel, etc.
*(Reference: Angkor Times, Dec. 22 2024)
All licenses issued by the government of Cambodia fornatural resources such as mining or oil and gas must be held by aCambodian-incorporated company. EnerCam Cambodia was incorporated inthe Kingdom of Cambodia on January 16, 2020 under certificateregistration number 00050674 for the purpose of oil and gasexploration, development, and production.
ABOUT 358140 Alberta Ltd.
358 has been involved in oil and gas, agriculture, andreal estate ventures in Canada for over three decades and has expandedinto oil drilling and production plays across Alberta and Saskatchewanin the past five years. Currently, the company has a participatinginterest in four different oil and gas production projects, three inAlberta and the fourth in Saskatchewan.
ABOUT ENERCAMEXPLORATION LTD.
EnerCam Exploration Ltd. is a Canadiancorporation owned 100% by its parent, Angkor Resources Corp. Thecompany is focussed on oil and gas production and gasconservation/carbon capture and has a 40% interest in an oil and gasproduction project in Evesham Saskatchewan, Canada.
ABOUT ANGKOR RESOURCESCORPORATION:
ANGKOR Resources Corp. is a publiccompany, listed on the TSX-Venture Exchange, and is a leading resourceoptimizer in Cambodia working towards mineral and energy solutionsacross Canada and Cambodia. ANGKOR’s carbon capture and gasconservation project in Saskatchewan, Canada is part of its long-termcommitment to Environmental and Social projects and cleaner energysolutions across expanding jurisdictions. The company’s mineral subsidiary, AngkorGold Corp. in Cambodia holds three mineral exploration licenses inCambodia and its Cambodian energy subsidiary, EnerCam Resources, wasgranted an onshore oil andgas license of 7300 square kilometers in the southwest quadrant ofCambodia called Block VIII. Since 2022, Angkor’s Canadiansubsidiary, EnerCam Exploration Ltd., has been involved in gas/carboncapture and oil and gas production in Evesham, Saskatchewan.
CONTACT: DelayneWeeks - CEO
Email: info@angkorresources.com
Website: angkor resources.com
Telephone: +1 (780)831-8722
Please follow @AngkorResources on , , , Instagram and .
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Theseforward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of the Company,including, but not limited to the potential for gold and/or otherminerals at any of the Company’s properties, the prospective natureof any claims comprising the Company’s property interests, the impact of generaleconomic conditions, industry conditions, dependence upon regulatoryapprovals, uncertainty of sample results, timing and resultso f future exploration, andthe availability of financing. Readers are cautioned that theassumptions used in the preparation of such information, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed onforward-looking statements.
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