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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, March 16, 2023 /CNW/ - CanAsia Energy Corp. ("CanAsia" or the "Company") (TSXV: CEC) reports 2022 year-end and fourth quarter consolidated financial and operating results.
The Company is today filing its audited consolidated financial statements as at and for the three months ended December 31, 2022 and the period from May 27, 2022 (date of incorporation) to December 31, 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 fourth quarter results, President and CEO Jeff Chisholm stated: "Through the last quarter of 2022 the Company was focused on items related to: a) the closing of the sale of Pan Orient Energy Corp., b) the restructuring of Andora Energy Corporation, and c) moving the Sawn Lake SAGD project forward, focused mainly on long lead time environmental work that is required for start-up. Subsequent Q1/23 activities were focused mainly on the Andora restructuring and included an updated Sawn Lake contingent resources report, effective December 31, 2022. It is anticipated that remaining Q1 2023 activities will be directed towards continued Sawn Lake pre start-up related activities and the monitoring of an onshore Thailand oil and gas licensing round that is anticipated to be announced in 2023, possibly as soon as the late second quarter."
HIGHLIGHTS
In November 2022, CanAsia and Andora agreed to extend the maturity date of the First Credit Facility by one year, so that any amount drawn against the facility, including accrued interest, is now repayable upon demand or no later than December 31, 2023, whichever is earlier. Also, in November 2022, CanAsia, at its election, converted the outstanding amount of the Second Credit Facility into 139,427,534 common shares of Andora, and the facility was terminated.
As at December 31, 2022, a total of $2.5 million was fully drawn against the First Credit Facility and the related outstanding amount plus accrued interest of $530 thousand is not expected to be collected from Andora in the foreseeable future.
Completion of the Transaction is subject to satisfaction of certain conditions, including that all issued and outstanding options to acquire shares of Andora will be either exercised or surrendered for their "in-the-money" value. CanAsia has agreed that it will provide to Andora, by loan or otherwise, sufficient funds to pay the Consideration, make any payments to holders of Andora options, and pay Andora's reasonable expenses of the Transaction.
The Transaction is subject to approval by shareholders of Andora at a special meeting to be held on March 27, 2023. Pursuant to the CanAsia proposal accepted by Andora on February 28, 2023, CanAsia has agreed to vote in favor of the Transaction and it is anticipated that the Transaction will be approved. If all other conditions to the Transaction becoming effective are also satisfied or waived, it is expected that the Transaction will be effected on or around the date of the special meeting.
First quarter of 2023 activities were focused mainly on the Andora restructuring and included an updated Sawn Lake contingent resources report, effective December 31, 2022. It is anticipated that remaining first quarter of 2023 activities will be directed towards continued Sawn Lake pre start-up related activities and the monitoring of an onshore Thailand oil and gas licensing round that is anticipated to be announced in 2023, possibly as soon as the late second quarter.
Events such as the Covid-19 pandemic and the invasion of Ukraine by Russian forces have resulted in 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 ESG 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 Ended December 31, | Period from May 27, 2022 (date of incorporation) to December 31, | ||||
($000s of Canadian dollars except where indicated) | 2022 | 2022 (1) | |||
FINANCIAL | |||||
Financial Statement Results | |||||
Net loss attributable to common shareholders | (780) | (725) | |||
Per share – basic and diluted | $ (0.02) | $ (0.01) | |||
Cash flow used in operating activities (2) | (514) | (617) | |||
Per share – basic and diluted | $ (0.01) | $ (0.01) | |||
Cash flow (used in) from financing activities (2) | (9) | 9,310 | |||
Per share – basic and diluted | $ (0.00) | $ 0.19 | |||
Working capital and non-current deposits | 6,244 | 6,244 | |||
Long-term debt | - | - | |||
Shares outstanding (000s) | 49,794 | 49,794 | |||
General and administrative expense | (565) | (782) | |||
Operating expense | (113) | (149) | |||
Stock-based compensation | (93) | (96) | |||
Amortization | (13) | (17) | |||
Decommissioning (expense) recovery | (70) | 3 | |||
Finance income | 63 | 70 | |||
Foreign exchange (loss) gain | (77) | 231 | |||
Deferred income tax recovery (expense) | 68 | (22) | |||
Net loss attributable to non-controlling interest in Andora | 20 | 37 | |||
Net loss attributable to common shareholders | (780) | (725) | |||
CONTINGENT RESOURCES | |||||
CanAsia's 88.2% share of the oil sands leases of Andora at Sawn | |||||
Lake, Alberta | (Note 3) |
1) | Represents financial results from completion of the Arrangement on August 25, 2022 to December 31, 2022. |
2) | As set out in the Consolidated Statements of Cash Flows in CanAsia's Consolidated Financial Statements. |
3) | The evaluation of Andora's contingent resources of the oil sands project at Sawn Lake Alberta, Canada as at December 31, 2022 was conducted by Sproule Associates Limited. Andora's unrisked "Best Estimate" contingent resources were 292.2 million barrels (257.7 million net to CanAsia's interest in Andora) of recoverable bitumen as at December 31, 2022 using forecast prices at December 31, 2022. |
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. Forward-looking information in this press release includes, but is not limited to, references to: the strength of the Company's financial position; the Sawn Lake heavy oil project; the First Credit Facility with Andora, the decommissioning provision with respect to subsidiaries of POEH and Andora; the proposed Transaction to purchase Andora common shares held by minority shareholders; and the anticipated onshore Thailand oil and gas licensing round.
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 2023 Canada NewsWire
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