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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, May 16, 2024 /CNW/ - CanAsia Energy Corp. ("CanAsia" or the "Company") (TSXV: CEC) reports 2024 first quarter consolidated financial and operating results.
The Company is today filing its unaudited consolidated financial statements as at and for the three months ended March 31, 2024 and related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at www.sedarplus.com or the Company's website, www.canasiacorp.com.
Commenting today on CanAsia's 2024 first quarter results, President and CEO Jeff Chisholm stated: "In May 2024, the Company will have consolidated a 100% operated working interest in the Sawn Lake heavy oil project, onshore Alberta, Canada. Regardless of whether the Company elects to proceed with the project, or monetize it, this was an important step in maximizing the value of Sawn Lake to Canasia shareholders, or a potential future buyer or partner.
Activities throughout the remainder of 2024 will be focused on crystalizing value/monetizing the Sawn Lake asset and ramping up activities related to the Thailand onshore 25th bid round, when it is announced. Global oil prices are expected to play a substantial role in the timing of any activities related to Sawn Lake and possibly the timing of the announcement of the Thailand bid round."
HIGHLIGHTS
OUTLOOK
Activities throughout the remainder of 2024 will be focused on crystalizing value/monetizing the Sawn Lake asset and ramping up activities related to the Thailand onshore 25th bid round, when it is announced. Global oil prices are expected to play a substantial role in the timing of any activities related to Sawn Lake and possibly the timing of the announcement of the Thailand bid round.
Financial and Operating Results
Three months ended March 31, | |||
($000s of Canadian dollars except where indicated) | 2024 | 2023 | |
FINANCIAL | |||
Financial Statement Results | |||
Net loss attributable to common shareholders (1) | (601) | (1,265) | |
Per share – basic and diluted | $ (0.01) | $ (0.03) | |
Cash flow used in operating activities (2) | (919) | (84) | |
Per share – basic and diluted | $ (0.01) | $ (0.00) | |
Cash flow used in investing activities (2) | - | (1,580) | |
Per share – basic and diluted | - | $ (0.03) | |
Cash flow from (used in) financing activities (2) | 1,140 | (2) | |
Per share – basic and diluted | $ 0.01 | $ (0.00) | |
Working capital | 6,377 | 3,099 | |
Shareholders' equity (3) | 5,502 | 2,194 | |
Weighted average shares outstanding (000s) | 100,720 | 49,794 | |
General and administrative expense (1) | (645) | (529) | |
Operating expense (1) | (185) | (90) | |
Natural gas pipeline tariff recovery (provision) (1) | 71 | (901) | |
Stock-based compensation (1) | (9) | (38) | |
Amortization (1) | (14) | (16) | |
Decommissioning recovery (1) | 42 | 46 | |
Gain on sale of equipment (1) | - | 100 | |
Finance income (1) | 134 | 83 | |
Foreign exchange gain (1) | 5 | 31 | |
Deferred income tax recovery (1) | - | 22 | |
Net loss attributable to non-controlling interest in Andora (1) | - | 27 | |
Net loss attributable to common shareholders (1) | (601) | (1,265) |
(1) | As set out in the Consolidated Statements of Operations and Comprehensive Loss in CanAsia's |
(2) | As set out in the Consolidated Statements of Cash Flows in CanAsia's Consolidated Financial |
(3) | As set out in the Consolidated Statements of Changes in Shareholders' Equity in CanAsia's |
Cautionary 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. 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; the closing of the Sales Transaction and consolidating a 100% working interest in the Sawn Lake heavy oil project; statements with respect to crystalizing value/monetizing the Sawn Lake asset; 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. See "Forward-Looking Statements" in CanAsia's management's discussion and analysis for three months ended March 31, 2024 for more information on the assumptions on which the Company has relied and the risks and uncertainties and other factors that could impact the forward-looking information in this press release. 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 2024 Canada NewsWire
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