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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, Aug. 3, 2023 /CNW/ - CanAsia Energy Corp. ("CanAsia" or the "Company") (TSXV: CEC) reports 2023 second quarter consolidated financial and operating results.
The Company is today filing its unaudited consolidated financial statements as at and for the six months ended June 30, 2023 and related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at www.sedarplus.ca or the Company's website, www.canasiacorp.com.
Commenting today on CanAsia's 2023 second quarter results, President and CEO Jeff Chisholm stated: "Second quarter activities were focused mainly on a number of items related to the Sawn Lake joint venture. Andora received a summary judgment in its favor for the payment of $200,000 for a portion of the amounts owing by its Sawn Lake partners. Actions enforcing this judgement are currently underway. The Company still anticipates an onshore Thailand licensing round to be announced in 2023, shortly after the appointment of a prime minister and formation of a new cabinet in Thailand."
Enforcement actions against Andora's 25% working interest Sawn Lake partners will continue in the third quarter. CanAsia will either seek to farmout a portion of Andora's interest, or outright sale of the asset. The Company plans to participate in an onshore Thailand bid round that will likely be announced in 2023, possibly in late third quarter.
Financial and Operating Results
($000s of Canadian dollars except where indicated) | Three | Period from | Six | Period from | |
FINANCIAL | |||||
Financial Statement Results | |||||
Net loss attributable to common shareholders (2) | (676) | - | (1,941) | - | |
Per share – basic and diluted | $ (0.01) | - | $ (0.04) | - | |
Cash flow used in operating activities (3) | (1,053) | - | (1,137) | - | |
Per share – basic and diluted | $ (0.02) | - | $ (0.02) | - | |
Cash flow used in investing activities (3) | (11) | - | (1,591) | - | |
Per share – basic and diluted | $ (0.00) | - | $ (0.03) | - | |
Cash flow used in financing activities (3) | (10) | - | (12) | - | |
Per share – basic and diluted | $ (0.00) | - | $ (0.00) | - | |
Working capital | 2,395 | - | 2,395 | - | |
Shareholders' equity (4) | 1,536 | - | 1,536 | - | |
Shares outstanding (000s) | 49,794 | - | 49,794 | - | |
General and administrative expense (2) | (480) | - | (1,009) | - | |
Operating expense (2) | (145) | - | (235) | - | |
Natural gas pipeline tariff expense (2) | - | - | (901) | - | |
Stock-based compensation (2) | (29) | - | (67) | - | |
Amortization (2) | (16) | - | (32) | - | |
Decommissioning recovery (2) | (53) | - | (7) | - | |
Gain on sale of equipment (2) | - | - | 100 | - | |
Finance income (2) | 73 | - | 156 | - | |
Foreign exchange (loss) gain (2) | (26) | - | 5 | - | |
Deferred income tax recovery (2) | - | - | 22 | - | |
Net loss attributable to non-controlling interest in Andora (2) | - | - | 27 | - | |
Net loss attributable to common shareholders (2) | (676) | - | (1,941) | - |
1) | The Company was incorporated on May 27, 2022 but did not commence active operations until August 25, 2022. |
2) | As set out in the Consolidated Statement of Operations and Comprehensive Loss in CanAsia's Consolidated Financial Statements. |
3) | As set out in the Consolidated Statement of Cash Flows in CanAsia's Consolidated Financial Statements. |
4) | As set out in the Consolidated Statement of Changes in Shareholders' Equity in CanAsia's Consolidated Financial |
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 may include, but is not limited to, the strength of the Company's financial position; the need for and availability of additional capital; plans for development of the Sawn Lake heavy oil project; 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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