Angkor Resources' Subsidiary Meets with Cambodian National Refinery Systems to Discuss Potential In-Country Offtake for Block VIII Production

Angkor Resources Corp. (ANK) reported that its Cambodian subsidiary, EnerCam, held preliminary discussions with Baron Point Financial Group and its portfolio company, CNRS™, regarding a potential offtake, refining, and distribution agreement for future oil and gas production from Block VIII. The proposed arrangement aims to refine and market Cambodian-produced crude within Cambodia rather than exporting it as unprocessed crude, leveraging CNRS™'s developing downstream infrastructure.

EnerCam is advancing its exploration program with an Environmental Impact Assessment (EIA) submitted for approval and a defined "4+1" drilling plan targeting four sub-basins. Any offtake agreement is strictly contingent on a commercial hydrocarbon discovery, regulatory approvals, and agreement on commercial terms.

Angkor Resources Corp. (ANK) released a statement characterizing the recent news as a strategic, forward-looking discussion rather than a binding commercial agreement. The move is viewed as an expected incremental step following the company’s earlier environmental impact assessment (EIA) submission and drilling plan announcements.

The announcement does not alter the immediate capital requirements or risk profile of the exploration program. Angkor Resources still faces significant exploration risk and must secure a drilling contractor and complete the "4+1" well program before any offtake becomes relevant.

While the announcement is positive for the company’s long-term value proposition by outlining a clear path to domestic refining and sales, it is not considered market-moving in the near term. The development aligns with management's stated goal of packaging the Cambodian project for future growth or a sale or merger.

Angkor Resources Corp. (TSXV: ANK) is a mineral and energy exploration company focused on Cambodia. The company holds a 30-year Production Sharing Contract for its flagship project, Block VIII, an onshore oil and gas license covering approximately 4,095 km² in southwest Cambodia. Angkor Resources aims to execute Cambodia's first privately financed onshore exploratory oil and gas wells.

The company’s mineral assets include the Andong Bor and Andong Meas copper-gold licenses in northern Cambodia. Following the divestment of its Saskatchewan oil and gas assets, Angkor Resources has shifted its strategic focus entirely to Cambodia. The company positions itself as a first-mover in the country's onshore hydrocarbon sector, targeting a market that currently imports 100% of its refined petroleum products.