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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% | 0.135 | 0.13 | 0.15 | 0 | 20:59:56 |
CALGARY, AB, Nov. 10, 2022 /CNW/ - CanAsia Energy Corp. ("CanAsia" or the "Company") (TSXV: CEC) reports 2022 third quarter consolidated financial and operating results.
The Company is today filing its unaudited consolidated financial statements as at and for the three months ended September 30, 2022 and the period from May 27, 2022 (date of incorporation) to September 30, 2022 and related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at www.sedar.com or the Company's website, www.canasiacorp.com.
Commenting today on CanAsia's 2022 third quarter results, President and CEO Jeff Chisholm stated: "Third quarter activities were dominated by post transaction commitments to the buyer of Pan Orient Energy Corp. The remainder of 2022 will be focused on the long lead time items required for the re-start of production at the Sawn Lake heavy oil project and corporate activities related to Sawn Lake. As we approach year-end 2022, the necessary steps required to optimize the ownership and re-start of the Sawn Lake heavy oil asset will be the focus of the Company and regular updates can be expected by CanAsia shareholders."
The remainder of 2022 will be focused on the long lead time items required for the re-start of production at the Sawn Lake heavy oil project and corporate activities related to Sawn Lake. As we approach year-end 2022, the necessary steps required to optimize the ownership and re-start of the Sawn Lake heavy oil asset will be the focus of the Company.
COVID-19 and Ukraine Invasion
Events such as the Covid-19 pandemic and the invasion of Ukraine by Russian forces have resulted in significant disruption to business operations and a significant increase in economic uncertainty, with more volatile commodity prices, currency exchange rates and interest rates, and increasing rates of inflation. These events have led to a challenging economic climate in which it is difficult to reliably estimate the length or severity of these developments and their financial impact. These events and any potential resulting direct and indirect impact on the Company have been considered in management's estimates described above at the period end; however there could be a further prospective material impact in future periods.
Climate Change and Environmental, Social, and Governance ("ESG")
Climate change and ESG culture policies are evolving at regional, national and international levels. Political and economic events may significantly affect the scope and timing of ESG policies and climate change measures. The International Sustainability Standards Board has issued an IFRS Sustainability Disclosure Standard with the aim of developing sustainability disclosure standards that are globally consistent, comparable and reliable. In addition, the Canadian Securities Administrators have issued proposed National Instrument 51-107 Disclosure of Climate-related Matters.
The direct or indirect costs of compliance with greenhouse gas-related regulations and ESG directives may have an adverse effect on the Company's and its customers' businesses, financial condition, results of operations and prospects; however, at this time these costs have not yet been quantified.
Three Months September 30, | Period from May 27, 2022 (date September 30, | ||||
(thousands of Canadian dollars except where indicated) | 2022 | 2022 | |||
FINANCIAL (note 1) | |||||
Financial Statement Results | |||||
Net income attributable to common shareholders | 55 | 55 | |||
Per share – basic and diluted | $ 0.00 | $ 0.00 | |||
Cash flow used in operating activities (note 2) | (103) | (103) | |||
Per share – basic and diluted | $ (0.00) | $ (0.00) | |||
Cash flow from financing activities (note 2) | 9,319 | 9,319 | |||
Per share – basic and diluted | $ 0.19 | $ 0.19 | |||
Working capital and non-current deposits | 6,927 | 6,927 | |||
Long-term debt | - | - | |||
Shares outstanding (thousands) | 49,794 | 49,794 | |||
General and administrative expense | (217) | (217) | |||
Operating expense | (36) | (36) | |||
Stock-based compensation | (3) | (3) | |||
Amortization | (4) | (4) | |||
Decommissioning recovery | 73 | 73 | |||
Finance income | 7 | 7 | |||
Foreign exchange gain | 308 | 308 | |||
Deferred income tax expense | (90) | (90) | |||
Net loss attributable to non-controlling interest in Andora | 17 | 17 | |||
Net income attributable to common shareholders | 55 | 55 |
1) Financial results as at September 30, 2022 are from completion of the Arrangement on August 25, 2022 and the 37 day period from August 25 to September 30, 2022. |
2) As set out in the Consolidated Statements of Cash Flows in CanAsia's Consolidated Financial Statements. |
This press release may contain forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "will", "expect", "believe", "estimate", "should", "anticipate", "potential", "opportunity" or other similar wording.
By its very nature, forward-looking information requires CanAsia and its management to make assumptions that may not materialize or that may not be accurate. In addition, 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 events, 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 2022 Canada NewsWire
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