Angkor Resources CEO Message March 19, 2025
Hello Shareholders
This message provides a summary on the Cambodian onshore oil project called Block VIII.
Last week we received final approval from Ministry of Mines and Energy to proceed on the onshore Block VIII after removal of sensitive and protected areas. (these areas we removed had been carefully assessed and indicated little value to oil and gas production and posed issues to accelerate the program in the other areas).
Currently, to my knowledge, our Cambodian energy subsidiary EnerCam Resources Co. Ltd. (EnerCam) is the only company holding an oil and gas license in the Kingdom of Cambodia with a signed Production Sharing Contract. In an emerging market like Cambodia, the initial oil discoveries of the country are often opened by small companies like EnerCam, simply because the ‘big guns’ tend to be producers and not explorers, so they come in after the resource is proven. And we are entirely fine with that; our goal is to focus on proving a commercial quantity of oil and/or gas in multiple locations. It is exactly this type of position we are in that makes this a truly transformational opportunity, for both company and country.
The project now covers 3729 square kilometers across the three provinces of Kampot, Koh Kong, and Kampong Speu and is on a 30-year production sharing agreement with the Royal Government of Cambodia. The first seven years are dedicated to exploration before moving into the production phase. However, both the ‘money’ and our ‘technical’ teams are accelerating that plan considerably so that we can complete phase 2 and 3 of the seismic and go to drilling as quickly as possible. In other words, we want to fast track and accomplish in under 30 months the same program outlined for 84 months worth of work.
Yesterday’s press release was all about starting the environmental assessment. ANGKOR RESOURCES’ SUBSIDIARY, ENERCAM RESOURCES, BEGINS ENVIRONMENTAL IMPACT ASSESSMENT | Angkor Resources Corp.
EnerCam signed the agreement with a Cambodia-based environmental contractor, and we started the Environmental Assessment the day following the approval from the government to proceed. The EIA will be meeting with numerous communities, checking water, air, and soil quality so we have a baseline documented prior to starting exploration. The Ministry of Environment (MoE) reviews and oversees the environmental assessments in Cambodia for all industries, so we have successfully been through this process with multiple mining exploration licenses. Our target completion for the EIA is the middle of May at which time we anticipate beginning 2-D seismic work.
As the entire oil and gas industry is new to Cambodia, each step is also a page out of a ‘new book’, one that sets multiple precedents. There are no seismic companies in Cambodia, no drilling rigs or drilling crews, so advancing the project with a workable timely model is a priority. There are substantial risks in oil and gas development and even more exist when oil discoveries onshore will be a first in a nation, so it is important that investors understand this. It is also why management takes every measure to mitigate those risks from start to finish.
While the EIA progresses, the technical team continues to compile as much public data to formalize an exploration plan.
We expect to bring you regular updates as the project unfolds.
You may be interested in the Interview between John Feneck and Andy Millette that was released a couple days ago: https://www.youtube.com/watch?v=i5sF1PPMp8I References to Angkor are between the 21-25 minute section.
The drilling on Andong Meas Wild Boar prospect continues into the second bore hole of four planned targets. Lots more news to come on all fronts over the coming weeks.
Stay well everyone.
DELAYNE WEEKS, ANGKOR RESOURCES CORP.
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