Angkor Resources Identifies Third Drill Prospect on Block VIII Oil & Gas License, Cambodia

On November 5, 2025, Angkor Resources announced it has identified a third potential drill prospect, the "North Bokor" structure, on its Block VIII oil and gas license in Cambodia. This discovery is a result of the ongoing interpretation of its seismic program.

The North Bokor structure is described as an anticlinal dome. A key technical feature noted is that the regional unconformity surface is at a shallower depth in this area (approximately 300-400 meters below surface), which, according to management, could facilitate easier drilling to deeper targets. This adds a third potential oil and gas drilling target for the company's planned 2026 drill program.

To assess the impact of this news, it is critical to review the company's progression over the past year. Angkor has pivoted its primary focus from Cambodian mineral exploration and a small Canadian oil project to the high-potential Block VIII onshore oil and gas license in Cambodia.

• Q1 2025: The company established a key strategic alliance (announced March 4) with a private company, 358140 Alberta Ltd., to finance 100% of the Block VIII project in exchange for an 80% interest. Angkor retains a 20% carried interest. This agreement is fundamental as it mitigates the significant capital expenditure risk for Angkor. The company then received final government approval to advance the project on March 9.

• Q2-Q3 2025: Angkor's efforts were focused on preparing for and executing a 350-line-kilometre 2-D seismic program, the first of its kind in over a decade in onshore Cambodia. During this period, the company also tidied its balance sheet by completing a small financing in July ($770k at $0.175) and arranging a significant shares-for-debt transaction in September ($1.92M at $0.21), which was later approved on October 30.

• October 2025: This was a transformational month. The company began releasing the results of the seismic program.

  • October 6: Announced the first drill target, the "South Bokor Lead," a large 48 sq km anticline structure. This was the first major technical validation of the project's potential.
  • October 15: Announced a second, even larger (60 sq km) target, the "Central Bokor Lead."
  • October 21: Based on the identification of these first two targets, management stated a firm commitment to drilling multiple exploratory wells in 2026.
  • October 24: The company sold a non-core mineral license (Oyadao North) for $325,000 USD cash and a 4% NSR, providing non-dilutive capital and increasing focus on its core projects.

The most recent news of a third drill prospect (North Bokor) is a direct and positive continuation of the success from October. It builds upon the established exploration model and adds another target to the inventory for the 2026 drill program. However, the truly material news was the initial identification of the large, closed structures in October and the subsequent commitment to drill. This third target confirms the trend and strengthens the exploration thesis, but it does not fundamentally alter the story that the market has been digesting since early October.

Therefore, the announcement is positive but routine within the context of an ongoing, successful exploration program. It meets expectations and shows steady progress.

Angkor Resources Corp. is a Canadian-listed junior resource company. While it holds several mineral exploration licenses (Andong Meas, Andong Bor) and a small oil and gas project in Saskatchewan, Canada, its undisputed flagship project is the Block VIII Onshore Oil & Gas License in Cambodia. Through its subsidiary EnerCam, Angkor holds the only onshore production sharing contract in the country. The 3,729 sq km license area is located in a region with geological parallels to productive basins in Thailand. The company's primary objective is to prove a commercial resource and drill Cambodia's first-ever onshore oil and gas wells. All mineral properties are royalty-free until production. The Oyadao North property was sold for cash and a 4% Net Smelter Royalty.