Angkor Resources Confirms Mussel Basin Target on Block VIII Oil & Gas License, Cambodia

The most recent news release, dated December 4, 2025, states that Angkor Resources has confirmed the Mussel Basin as a fourth target for exploratory drilling on its Block VIII Oil & Gas License in Cambodia. This identification is based on preliminary processed data from the 350-line kilometre 2D seismic program that was completed at the end of September. The Mussel Basin is noted as a rift fault bounded basin, structurally different from the previously identified South, Central, and North Bokor basins. The advantage of this new target is two-fold: drilling targets are anticipated to be shallower, and reservoir porosity may be higher due to less compaction. Full seismic interpretation and target prioritization for Block VIII are expected in December.

This news is a routine positive development that confirms an additional exploration target for the company's flagship Block VIII oil and gas project. It follows a consistent pattern of positive updates regarding the seismic program initiated in August 2025 and completed in September 2025.

Previously, Angkor announced the identification of the South Bokor structure (48 sq km) on October 6, 2025, followed by the Central Bokor structure (60 sq km) on October 15, 2025, and the North Bokor structure (shallower depth) on November 5, 2025. The Mussel Basin, an area added to Block VIII in September 2025 due to surface oil seeps, was included in the seismic program. Confirming it as a fourth distinct drill target adds to the overall prospectivity of Block VIII.

The comments by Geophysicist Keith Edwards regarding shallower drilling targets and potentially higher reservoir porosity are encouraging, as these characteristics could lead to lower drilling costs and better production potential if a discovery is made. However, this is still an early-stage exploration update based on preliminary seismic data. While positive, it does not represent a material "game changer" as it is an expected outcome of the ongoing seismic interpretation and does not yet involve drilling results or resource definition. The materiality of such announcements will increase when concrete drilling plans are finalized, and even more so with actual drilling results.

The company has a history of consistently advancing its exploration programs. The commitment from its partner, 358140 Alberta Ltd., to fully finance the exploration and development of Block VIII ($4.5M for Phase 1, $5.5M for Phase 2, $20-30M for Phase 3) significantly de-risks this capital-intensive project for Angkor. Angkor holds a 20% carried interest, minimizing its direct financial exposure during these early, high-cost phases.

The company's financial position, as of April 30, 2025, showed a tight cash balance of $662,927 and significant debt. However, subsequent to this, a $770,000 private placement was completed in July 2025, and a $1.92 million shares-for-debt transaction was approved in October 2025, which should have improved the balance sheet by reducing debt and providing additional working capital. These financial moves are crucial for a junior exploration company with ongoing operational expenses.

Overall, the news is a positive step in the systematic de-risking and advancement of the Block VIII project, aligning with previous expectations for seismic interpretation.

Angkor Resources Corp. is a Canadian exploration company focused on mineral and oil & gas properties in Cambodia, with an additional oil and gas asset in Saskatchewan, Canada.

Flagship Project: Block VIII Oil & Gas License, Cambodia - Location: Southwest quadrant of Cambodia, onshore. - Area: Initially 7,300 sq km, reduced to 4,277 sq km (including a 220 sq km expansion for Mussel Basin) to exclude national parks and wildlife sanctuaries. - Status: Exploration stage. - Key Activities: The company's subsidiary, EnerCam Resources Co. Ltd. (Cambodia), holds a 30-year Production Sharing Contract (PSA) with the Cambodian government. A 350-line kilometre 2D seismic program was completed in September 2025. This program has successfully identified multiple anticlinal dome structures as potential drill targets: South Bokor (48 sq km), Central Bokor (60 sq km), North Bokor (shallower depths), and most recently, Mussel Basin (shallower targets, higher porosity potential). - Significance: This is Cambodia's first onshore oil and gas exploration project in over a decade. Cambodia currently imports 100% of its hydrocarbon energy products. - Partnership: EnerCam Exploration Ltd. (Angkor's Canadian energy subsidiary) has a Joint Strategic Alliance Agreement with 358140 Alberta Ltd., where 358140 Alberta Ltd. finances 100% of the project's exploration and development costs. EnerCam retains a 20% carried interest through to production (with an option to convert to a 3% Gross Overriding Royalty at the production stage).

Other Key Projects: - Andong Bor (Copper-Gold, Cambodia): A 100.29 sq km mineral license. Earlier this year, drilling commenced based on ground magnetic survey results, indicating a copper-gold porphyry system. The partnership with CanBodia Copper Corp. (CCC) was terminated in August 2025 due to CCC's failure to meet obligations. Angkor remains committed to the project. Assays from initial drill core are pending, and a revised drill program is planned for 2026. - Andong Meas (Gold-Copper, Cambodia): An exploration license where detailed magnetic surveys and auger soil sampling have been conducted. The Wild Boar gold prospect is targeted for drilling. - Oyadao North (Mineral Rights, Cambodia): The company finalized the disposition of this license in October 2025, receiving $325,000 USD cash and retaining a 4% Net Smelter Royalty (NSR). This transaction provides non-dilutive capital and a future royalty stream. - Evesham (Oil & Gas, Saskatchewan, Canada): An existing oil and gas production asset with proved plus probable reserves valued at CAD 8.3 million (NPV10 before tax as of July 31, 2024). Angkor's investment in this joint venture is accounted for using the equity method. An enhanced oil recovery plan was approved in April 2024.