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The Oil Shock Is Forcing Asia to Find New Supply | Delayne Weeks - Angkor Resources

The Deep Dive Aug 21, 2026

Summary

Angkor Resources is making a play for Cambodia's first onshore oil discovery at Block VIII, targeting 300 million-plus barrels via a 30-year production sharing contract.

Three large anticlines with four-way closure and surface hydrocarbon seeps drive Block VIII's resource potential, with seismic defining multiple pay zones per drill hole.

Drilling kicks off late 2026 on a $55M program, with the company preferring project finance over parent-level equity dilution.

Angkor is advancing gold (Wild Boar) and copper-gold (Andong Boar) projects in parallel, with Wild Boar drill assays expected late October 2026.

Angkor may spin off or sell some mineral assets as it advances energy, with a Singapore subsidiary preserving optionality for project-level finance.

Steve Hyland's takeaways

  • Top takeaway Steve Hyland frames Angkor's first-mover onshore Cambodian play as a strategic answer to Asia's emerging oil supply vulnerability
  • Steve Hyland calls the company 'whale hunting' and suggests a successful discovery could re-rate Angkor's stock

Ms. Delayne Weeks's takeaways

  • Top takeaway Ms. Delayne Weeks argues Angkor is 'about to change' Cambodia's energy story by drilling the country's first onshore exploration wells, targeting over 300 million recoverable barrels of oil and 600+ BCF gas equivalent on Block 8
  • Ms. Delayne Weeks believes hydrocarbons aren't going away and expects oil pricing to settle in a $70-85/bbl range, contingent on how the Middle East and Iran situation shakes out
  • Ms. Delayne Weeks describes Block 8's seismic results as once-in-a-lifetime — three anticline sub-basins with four-way closure, surface seeps, and 2-3 target pay zones per planned hole, each 40-100 sq km
  • Ms. Delayne Weeks plans to drill four wells sequentially starting late 2026 after a ~60-day minimum rig and equipment import, with overlapping production testing between wells
  • Ms. Delayne Weeks structured a $55 million project finance with no parent-level dilution and chose a Sorbi facility (~$145k/month at a 31-cent entry, doubling if the share price doubles) to maximize upside on the expected re-rating