Evesham Macklin oil and gas lands
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Angkor Resources Signs Letter of Intent to Sell Evesham Oil Production
Thenewswireยท 2025-12-15 14:10
Core Viewpoint - Angkor Resources Corp has entered into a binding Letter of Intent to sell its 40% interest in the Evesham Macklin oil and gas lands for $4,800,000, with the transaction expected to close on January 31, 2026 [1][4]. Transaction Details - The assets were acquired through EnerCam Exploration Ltd. on December 12, 2023, with a loan of $3,800,000 provided by the Purchaser to fund the acquisition [2]. - The payment terms include a $250,000 non-refundable deposit due on December 31, 2025, a payment of $375,000 on the Closing Date, the balance of the loan applied to the purchase price, and a final payment of $375,000 due on March 1, 2026 [4]. Strategic Rationale - The decision to sell the assets is based on a comprehensive analysis aimed at maximizing shareholder value over the next 24 months, focusing on oil and gas discoveries in Cambodia and advancing gold and copper projects [3]. - The net proceeds from the sale will be allocated to oil and mineral projects in Cambodia and other administrative operations, avoiding stock dilution and commissions [6]. Operational Updates - The company is completing the interpretation of seismic data over four subbasins in Cambodia, identifying 3-5 drill targets, which could significantly enhance the company's value [7]. - Angkor Resources is also advancing its mineral exploration activities in Cambodia, holding two licenses for copper and gold exploration [8]. Company Overview - Angkor Resources Corp is a public company listed on the TSX-Venture Exchange, focusing on resource optimization in Cambodia and Canada [8]. - The company's Cambodian energy subsidiary, EnerCam Resources, holds an onshore oil and gas license covering over 4,095 square kilometers [9].