Ms. Delayne Weeks reports

ANGKOR RESOURCES PRESENTS ITS PROPOSED 2027 WORK PROGRAM FOR BLOCK VIII TO THE CAMBODIAN GOVERNMENT AT THE JOINT REVIEW COMMITTEE

Angkor Resources Corp.'s Cambodian energy subsidiary, EnerCam Resources Co. Ltd., presented its 2026 work program results and its proposed 2027 work program for Block VIII to the Royal Government of Cambodia at a joint review committee (JRC) meeting held Oct. 6, 2026, at the Ministry of Mines and Energy (MME) in Phnom Penh.

Under the terms of EnerCam's production sharing contract (PSC), the joint review committee meets twice each year to review progress on Block VIII with the government. The EnerCam team delivered technical, administrative and logistics presentations covering geology, geophysics, drilling, the environmental impact assessment (EIA) and corporate social responsibility (CSR) programs, along with the proposed 2027 budget.

Mike Weeks, president of EnerCam, commented: "Twice a year we sit down with the ministry and walk through everything -- the geology, the seismic, the well design, the environment work and what we've done in the communities. The feedback from the ministry was positive, and the questions were the right ones for a project getting close to the drill bit. We're now updating the 2027 budget and the 2026 actuals, so the ministry has the full picture as we move to the tender and to drilling Cambodia's first onshore wells."

EnerCam was represented in person by Mike Weeks, president, Mads Braemer, chief financial officer, and country manager Bunchhay Yun, with technical team members Dr. David Johnson, Keith Edwards and John Koch, and Angkor chief executive officer Delayne Weeks joining by video link.

The meeting at a glance

• EnerCam reported its 2026 activities against the approved 2026 work program and proposed its program for exploration stage 1 -- year 3, running Jan. 1 to Dec. 31, 2027.
• The 2027 program targets the start of exploration drilling in 2027, with North Bokor planned as the first well.
• Three approvals were received in 2026: the CSR program, approved by MME on May 13; the Health, Safety and Environment Manual, approved by MME on Aug. 24; and the drilling EIA, approved by the Ministry of Environment on Sept. 15.
• EnerCam is now updating its 2027 budget and its 2026 budget-to-actual comparison for MME.

2026 work presented to the committee

Geology. Oil seep samples collected in 2025 were analyzed in 2026, and the results are consistent with the 2015 Schlumberger evaluation, indicating a thermogenic source. A surface coal sample analyzed by the Institute for Energy Technology (IFE) in Norway indicates the source rock is within the early to peak oil generation window. Field studies carried out with students at the Institute of Technology of Cambodia (ITC) helped define the trend and plunge of the northern axis of the North Bokor anticline and identified quartz arenite sandstones at surface with 13-per-cent to 14-per-cent porosity.

Geophysics. The team completed interpretation of the two key unconformity surfaces, the Indosinian 1 and Indosinian 3 horizons, converted seismic sections to depth, and ran seismic attribute and prestack amplitude analysis. Proposed drilling locations were selected to sit within closure, intersect the strongest seismic amplitudes and test fractured Permian carbonates below the Indosinian 1 surface.

Drilling. EnerCam completed the engineering design and detailed program for the drilling, completion, stimulation and testing of its exploration wells. Each well is designed to be completed in a full production configuration, flow-tested for four weeks, and then shut in for a 12-week pressure build-up, so that the test yields a definitive answer on the commerciality of the reservoir. During 2026 the team made two visits to China to meet three potential drilling service providers, and hosted site visits to Block VIII by two potential drilling contractors.

Environment and CSR. The drilling EIA, prepared by Cambodian consultant Green Assessment Co. Ltd., was submitted to the Ministry of Environment on May 12, 2026, reviewed at an inter-ministerial meeting of five ministries and three provinces on July 14, and approved on Sept. 15. Under its previously approved CSR program, EnerCam promised and did install playgrounds at 11 primary schools in three provinces, benefiting approximately 3,900 students, and has installed latrines for selected poor families in one district, with further installations being coordinated with local authorities. Four ITC students completed three-month internships with EnerCam in geoscience departments.

The 2027 program

With drill targets identified in 2025 and confirmed with drilling detail in 2026 during years 1 and 2, EnerCam proposed that year 3 of exploration stage 1 be directed to prepare for exploratory drilling. The schedule presented to the committee includes:

• Preparation of the drilling tender document, followed by government review and approval before the tender is published to bidders;
• Bid selection in early 2027, followed by drill pad construction and mobilization of the rig, services, casing, and wellheads;
• Import permits for downhole perforating charges and for the radioactive sources used in well logging, with EnerCam's request for an MME support letter for the perforating charges planned for October, 2026;
• Drilling of the North Bokor well, which, as previously reported, has the largest of the three mapped Bokor closures at a mean area of 100 square kilometres, followed by a second well;
• A field program of seep and source-rock sampling and laboratory analysis to further test the elements of the petroleum system;
• Processing of additional seismic data recorded on adjacent lines during the 2025 survey, giving denser coverage over the South and Central Bokor locations.

As Cambodia imports 100 per cent of its hydrocarbon-based energy products, discovering a national domestic supply of oil and gas remains a high priority.

The company will continue providing further updates on the drilling tender, drilling contractors and well-planning progress at regular intervals.

About Angkor Resources Corp.

ANGKOR Resources is a public company, listed on the TSX Venture Exchange, and is a leading resource explorer and developer in Cambodia working toward mineral and energy solutions across the country. The company's mineral subsidiary, Angkor Gold Corp. Co. Ltd., currently holds two mineral exploration licences in Cambodia with multiple prospects in copper and gold. Both licences are in their first two-year renewal term.

Angkor's Cambodian energy subsidiary, EnerCam Resources Co. Ltd., was granted an onshore oil and gas license in the southwest quadrant of Cambodia called Block VIII. The licence covers an area of approximately 4,095 square kilometres. EnerCam is actively advancing oil and gas exploration activities onshore to meet its mission to prove Cambodia as a nation with its own oil and gas resources. The company completed 2-D-seismic in 2025 and has identified multiple drill targets with multiple target zones. The company plans to follow with drilling Cambodia's first privately financed onshore exploratory oil and gas wells under a production sharing contract.