This blog post is disseminated on behalf of Angkor Resources Corp. (TSXV: ANK | OTCQB: ANKOF).
Cambodia has never had an onshore oil or gas well drilled within its borders. Angkor Resources Corp. (TSXV: ANK | OTCQB: ANKOF), a Canadian company that has operated in the country for over 15 years, is working to change that.
During a recent investorTV webinar, Angkor Resources CEO Delayne Weeks walked investors through the company’s Block VIII petroleum project and its Andong Meas and Andong Bor copper-gold projects. She also answered audience questions on funding, drilling plans, and what she described as the market’s blind spot on Cambodia’s potential.
The conversation covered a lot of ground, from geology and government relations to community engagement and shareholder value. The following are the three most important threads from the discussion.
What the Seismic Data Showed
In 2025, Angkor Resources completed 350 line kilometers of 2D seismic surveying at its Block VIII Project in southwestern Cambodia, using environmental seismic equipment rather than blasting. According to Weeks, the results surprised even the company’s technical team.
The data revealed three anticline structures. Anticlines are underground rock folds that trap oil and gas and are responsible for over 80% of the world’s hydrocarbon production. Weeks said that what makes these particular formations notable was their size, ranging from roughly 40 to 100 square kilometers each. Moreover, their doubly plunging shape, folding in three dimensions rather than two, along with four-way closure, serves a geological seal that can help contain hydrocarbons underground.
Angkor’s geoscientists, who bring decades of global exploration experience, said that finding undrilled structures of this kind was rare. Weeks also pointed to documented surface hydrocarbon seeps across the license area as another indication of a working hydrocarbon system underground.
The Path to Cambodia’s First Onshore Well
Weeks outlined a specific sequence of steps toward Cambodia’s first onshore exploratory well. At the time of the interview, she said final approval from Cambodia’s Ministry of Environment for the specific drill targets was expected within the coming weeks. The project had already advanced to an inter-ministerial review of its Environmental Impact Assessment.
In parallel, the company is finalizing a bid process for drilling contractors, which must first go to the Ministry of Mines and Energy. Drilling equipment will then need to be imported because Cambodia does not yet have the required domestic drilling infrastructure.
Weeks estimated that importing the drilling and completion equipment could involve 70 to 80 truckloads and take a couple of months. The company is also timing the process around Cambodia’s monsoon season, aiming to avoid drilling during the heaviest rains.
Angkor is targeting a spud date near the end of 2026, although Weeks stressed that the schedule will depend on regulatory approvals, contractor selection, import logistics, and weather. Quoted costs ranged from US$5 million to US$20 million per well. She also discussed a potential funding plan of approximately US$35 million for the first four or five wells, rising to as much as US$55 million for additional development wells and potential offtake facilities.
Weeks confirmed that Angkor intends to drill regardless of whether it secures a farm-in partner. She said the company was in discussions with three potential partners, two of which had reached a non-binding Memorandum of Understanding (MOU).
Government Relations, Community Engagement, and Shareholder Value
Angkor Resources has built a 15-year operating track record in Cambodia. Its subsidiary EnerCam holds a 30-year production-sharing contract covering Block VIII from exploration through development, production, and reclamation. Weeks also described a cooperative relationship with Cambodian ministries that has helped the company move environmental reviews forward efficiently.
Community engagement has been part of that approach. Weeks said Angkor voluntarily removed parks and protected areas from the original license area and has worked directly with local communities to understand priorities around education, healthcare, clean water, sanitation, and employment.
On the financial side, Weeks discussed the company’s sale of its interest in the Evesham oil and gas assets. The transaction eliminated $3.8 million in debt and generated $1 million in net proceeds without diluting shareholders, allowing Angkor to redirect capital and attention toward its projects in Cambodia.
She framed the decision as a choice between years of modest monthly cash flow and a lump sum that could be reinvested into a project she believes has greater potential to move the company’s share price.
Angkor Resources is working to become the first company to drill an onshore oil and gas well in Cambodia, a country that currently imports all of its hydrocarbon energy. The company’s seismic data pointed its technical team toward three large anticline structures at Block VIII, while CEO Delayne Weeks laid out a defined regulatory and logistical path toward a first well by year end.
That path is supported by debt reduction and ongoing partner discussions, but the central question remains unanswered. Whether Block VIII contains a commercially recoverable discovery cannot be confirmed until drilling, completion, and production testing take place.
For the complete discussion, including Angkor’s drilling strategy, funding plans, mineral portfolio, government relationships, and answers to investor questions, watch the full investorTV interview with CEO Delayne Weeks.