Angkor's EnerCam finds 2nd drill target at Block VIII

On October 15, 2025, Angkor Resources announced that its subsidiary, EnerCam, has identified a second drill target on its Block VIII oil and gas license in Cambodia. This new target, named the 'Central Bokor Lead', was identified from the recently completed 2-D seismic program. The target is described as an anticline structure with a four-way closure of approximately 60 square kilometres at a depth of 900-1200 meters. This structure is noted to be larger than and very similar to the previously identified 'South Bokor Lead' (48 sq km). Management expressed that identifying two significant drill targets while still processing the majority of the seismic data is "extremely positive."

This news is a positive and logical progression of the company's exploration program on its flagship Block VIII project. On October 6, 2025, the company announced its first drill target, the 'South Bokor Lead', which caused a significant stock price increase from the $0.28 level to a high of $0.36. This second announcement, just nine days later, confirms that the seismic program is effectively identifying prospective structures, which incrementally de-risks the exploration thesis.

The identification of a second, larger target adds credibility to the potential of the block and demonstrates that the initial positive results were not an anomaly. It keeps the project on track with the company's stated goal to develop a ranked prospect inventory by the end of 2025.

However, the impact is rated as 'Routine - Positive' rather than 'Material'. While positive, this is an expected outcome from a successful seismic survey. The fundamental risks of frontier exploration remain unchanged. These are seismic targets only; their potential to host commercial hydrocarbons can only be proven by drilling, which is a costly and high-risk endeavor. The market has already priced in a significant amount of optimism following the first discovery. This news reinforces that sentiment but does not fundamentally alter the company's risk profile or valuation in the absence of a drilling catalyst or a major farm-in partner announcement.

Angkor Resources Corp. is a junior exploration company with a diversified portfolio. Its primary focus and flagship project is the Block VIII onshore oil and gas license in Cambodia. This 4,277 sq km block represents a frontier exploration play, as there has been no history of onshore oil and gas drilling in the country. The company's goal is to make Cambodia's first commercial onshore discovery. Angkor, through its subsidiary EnerCam, has recently completed a 2-D seismic survey and is in the process of identifying drill targets.

The company also holds interests in mineral exploration licenses in Cambodia (Andong Bor, Andong Meas) which are largely farmed out to partners, and a 40% working interest in the Evesham oil production and gas capture project in Saskatchewan, Canada, which generates modest recurring revenue.