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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CanAsia Energy Corp | TSXV:CEC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.13 | 0.12 | 0.15 | 0.135 | 0.13 | 0.135 | 356,000 | 21:00:02 |
CALGARY, AB, Feb. 27, 2023 /CNW/ - CanAsia Energy Corp. (TSXV: CEC), on behalf of its 88.2% owned subsidiary Andora Energy Corporation ("Andora"), is pleased to release the December 31, 2022 Contingent Bitumen Resources Report ("Resources Report") which is a National Instrument 51-101 compliant resources evaluation for Andora's oil sands interests at Sawn Lake Alberta, Canada, as evaluated by independent qualified reserves evaluator Sproule Associates Limited ("Sproule"). The evaluation included all of Andora's Oil Sands Leases at Sawn Lake based on exploitation using Steam Assisted Gravity Drainage ("SAGD").
Please note that unless otherwise stated, amounts are in Canadian dollars and volumes and financial amounts are net to Andora.
Andora holds interests in 27 sections (24.25 net sections) of heavy oilsands leases in Sawn Lake, within the central Alberta Peace River Oil Sands region. Andora is focused on developing the bitumen resources at Sawn Lake using SAGD development. Contingent resources have been assigned to the Sawn Lake Central and Sawn Lake South where Andora is the operator.
A SAGD demonstration project at the Sawn Lake Central block commenced in 2013 and consisted of one SAGD wellpair drilled to a depth of 650 meters and a horizontal length of 780 meters and a SAGD facility for steam generation, water handling and bitumen treating. Steam injection commenced in May 2014 and produced bitumen from September 2014 to February 2016. The demonstration project reached a steady state production level in February 2016 of 620 BOPD with an instantaneous steam-oil ratio ("ISOR") of 2.1. The demonstration project successfully captured the key data associated with the objectives of the demonstration project and operations were suspended at the end of February 2016. The demonstration project proved that the SAGD process works in the Bluesky formation at Sawn Lake, established characteristics of ramp up through stabilization of SAGD performance, indicated the productive capability, ISOR, and provided critical information required for well and facility design associated with future commercial development. Production results to date are not necessarily indicative of long-term performance or of ultimate recovery and the Sawn Lake demonstration project has not yet proven that it is commercially viable.
The development plan for Sawn Lake Central and Sawn Lake South is for development in stages with five standardized "battery scale" SAGD facilities where growth is primarily funded by net operating income generated by the project. After tax cash flow in the Sproule evaluation is Andora's share of revenue less royalty burden, operating expenses, abandonments, capital expenditures and income tax. The first phase of commercial expansion at the existing SAGD Battery #1 to 2,891 BOPD is done in three stages with reactivation of the existing facility and wellpair, the addition of wellpair #2, and then drilling of an additional three wellpairs and installation & testing of Andora's PWB. Regulatory approval was received in December 2017 for commercial expansion of the existing Sawn Lake Central demonstration project to 3200 BOPD using Andora's PWB. Further stages of development include expansion to 5000 BOPD of the first SAGD battery and then an additional four SAGD batteries which are located in the best parts of the reservoir. The timing of individual batteries is dependent on regulatory approval and after-tax cash flow from existing operations for funding of new investment. Volume estimates are on a 100% working interest basis.
It is recognized that stable crude oil prices, and specifically Western Canada Select benchmark prices, will have a significant impact on project economics and financing, and on decisions regarding the timing and extent of future development.
Andora Sawn Lake, Alberta Interests at December 31, 2022 | |||
Gross | Working | Unrisked Best Estimate | |
Central Block (Andora operated) | 11 | 75 % | 214.45 |
South Block (Andora operated) | 16 | 100 % | 77.71 |
27 | 292.16 |
Summary of Contingent Bitumen Resources as of December 31, 2022 as provided by Sproule | ||
Marketable Resources - Company Gross (million barrels) | Andora | CanAsia 88.2% |
Risked (evaluation assigned an 85% chance of development) | ||
Contingent - Low Estimate "1C" | 221.3 | 195.2 |
Contingent - Best Estimate "2C" | 248.3 | 219.0 |
Contingent - High Estimate "3C" | 293.3 | 258.7 |
Unrisked | ||
Contingent - Low Estimate "1C" | 260.3 | 229.6 |
Contingent - Best Estimate "2C" | 292.2 | 257.7 |
Contingent - High Estimate "3C" | 345.1 | 304.4 |
Sawn Lake Oil Sands Project | ||||||
Summary of Net Present Values as of December 31, 2022 | ||||||
Contingent Resources as provided by Sproule | ||||||
Andora 100% (Cdn$ million) | ||||||
Net Present Values Before 2Tax (Risked) | 0 % | 5 % | 10 % | 15 % | 20 % | |
Contingent - Low Estimate "1C" | 6,482 | 1,536 | 508 | 209 | 97 | |
Contingent - Best Estimate "2C" | 8,459 | 1,932 | 636 | 264 | 127 | |
Contingent - High Estimate "3C" | 12,171 | 2,482 | 773 | 314 | 150 | |
Net Present Values After Tax (Risked) | 0 % | 5 % | 10 % | 15 % | 20 % | |
Contingent - Low Estimate "1C" | 4,964 | 1,171 | 383 | 154 | 70 | |
Contingent - Best Estimate "2C" | 6,492 | 1,476 | 482 | 198 | 93 | |
Contingent - High Estimate "3C" | 9,356 | 1,901 | 588 | 236 | 112 | |
Net Present Values Before Tax (Unrisked) | 0 % | 5 % | 10 % | 15 % | 20 % | |
Contingent - Low Estimate "1C" | 7,623 | 1,805 | 597 | 245 | 114 | |
Contingent - Best Estimate "2C" | 9,949 | 2,272 | 747 | 310 | 149 | |
Contingent - High Estimate "3C" | 14,316 | 2,919 | 908 | 369 | 176 | |
Net Present Values After Tax (Unrisked) | 0 % | 5 % | 10 % | 15 % | 20 % | |
Contingent - Low Estimate "1C" | 5,836 | 1,374 | 448 | 180 | 81 | |
Contingent - Best Estimate "2C" | 7,634 | 1,734 | 565 | 231 | 108 | |
Contingent - High Estimate "3C" | 11,003 | 2,233 | 689 | 277 | 130 | |
1 | For risked resources and values, the evaluation assigned an 85% chance of development for Sawn Lake. | |||||
2 | Resources assessed at forecast crude oil reference prices and costs. | |||||
3 | Bitumen production is forecast to commence in 2024. | |||||
4 | The reference prices for heavy oil per barrel (Western Canada Select "WCS" 20.5 API in Canadian dollars) | |||||
5 | Bitumen revenue per barrel for these resources is $17.03 less than the associated WCS reference price in | |||||
6 | The reference prices for natural gas (AECO-C Spot price per MMBTU in Canadian dollars) are $4.34 for | |||||
7 | Future development costs (including inflation of 3% per annum for 2024 and 2% per annum thereafter) for | |||||
▪Unrisked Low Estimate – CDN$3,576 million with the drilling of 358 gross well pairs and building facilities | ||||||
▪Unrisked Best Estimate – CDN$3,684 million with the drilling of 358 gross well pairs and building facilities | ||||||
▪Unrisked High Estimate – CDN$3,918 million with the drilling of 358 gross well pairs and building facilities | ||||||
8 | The values disclosed may not represent fair market value. | |||||
9 | There is uncertainty that it will be commercially viable to produce any portion of the resources. | |||||
Sawn Lake Oil Sands Project | ||||||||
Summary of Net Present Values as of December 31, 2022 | ||||||||
Contingent Resources as provided by Sproule | ||||||||
CanAsia 88.2% Interest in Andora (Cdn$ million) | ||||||||
Net Present Values Before Tax (Risked) | 0 % | 5 % | 10 % | 15 % | 20 % | |||
Contingent - Low Estimate "1C" | 5,717 | 1,355 | 448 | 184 | 86 | |||
Contingent - Best Estimate "2C" | 7,461 | 1,704 | 561 | 233 | 112 | |||
Contingent - High Estimate "3C" | 10,735 | 2,189 | 681 | 277 | 132 | |||
Net Present Values After Tax (Risked) | 0 % | 5 % | 10 % | 15 % | 20 % | |||
Contingent - Low Estimate "1C" | 4,379 | 1,033 | 338 | 136 | 62 | |||
Contingent - Best Estimate "2C" | 5,726 | 1,302 | 425 | 174 | 82 | |||
Contingent - High Estimate "3C" | 8,252 | 1,676 | 518 | 209 | 98 | |||
Net Present Values Before Tax (Unrisked) | 0 % | 5 % | 10 % | 15 % | 20 % | |||
Contingent - Low Estimate "1C" | 6,724 | 1,592 | 526 | 216 | 100 | |||
Contingent - Best Estimate "2C" | 8,775 | 2,004 | 659 | 274 | 131 | |||
Contingent - High Estimate "3C" | 12,627 | 2,574 | 801 | 325 | 155 | |||
Net Present Values After Tax (Unrisked) | 0 % | 5 % | 10 % | 15 % | 20 % | |||
Contingent - Low Estimate "1C" | 5,147 | 1,212 | 395 | 159 | 72 | |||
Contingent - Best Estimate "2C" | 6,733 | 1,529 | 498 | 204 | 96 | |||
Contingent - High Estimate "3C" | 9,704 | 1,970 | 608 | 244 | 115 | |||
1 | Results represent CanAsia's 88.2% interest in Andora. | |||||||
2 | For risked resources and values, the evaluation assigned an 85% chance of development for Sawn Lake. | |||||||
3 | Resources assessed at forecast crude oil reference prices and costs. | |||||||
4 | Bitumen production is forecast to commence in 2024. | |||||||
5 | The reference prices for heavy oil per barrel (Western Canada Select "WCS" 20.5 API in Canadian dollars) | |||||||
6 | Bitumen revenue per barrel for these resources is $17.03 less than the associated WCS reference price in | |||||||
7 | The reference prices for natural gas (AECO-C Spot price per MMBTU in Canadian dollars) are $4.34 for 2024, | |||||||
8 | Future development costs (including inflation of 0% per annum for 2024 and 2% per annum thereafter) for | |||||||
▪Unrisked Low Estimate – CDN$3,154 million with the drilling of 358 gross well pairs and building facilities | ||||||||
▪Unrisked Best Estimate – CDN$3,249 million with the drilling of 358 gross well pairs and building facilities | ||||||||
▪Unrisked High Estimate – CDN$3,456 million with the drilling of 358 gross well pairs and building facilities | ||||||||
9 | The values disclosed may not represent fair market value. | |||||||
10 | There is uncertainty that it will be commercially viable to produce any portion of the resources. | |||||||
CanAsia is a Calgary, Alberta based oil and gas company with operations in Western Canada.
This press release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this press release includes references, express or. By its very nature, the forward-looking information contained in this press release requires CanAsia and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of CanAsia, which could cause actual results, expectations, achievements or performance to differ materially. Although CanAsia believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. CanAsia undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CanAsia Energy Corp.
Copyright 2023 Canada NewsWire
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