CALGARY, AB, Aug. 13, 2025 /CNW/ – CanAsia Energy Corp. (“CanAsia” or the “Company”) (TSXV:CEC) reports 2025 second quarter consolidated financial and operating results.
The Company is today filing its unaudited consolidated financial statements (“financial statements”) as at and for the six months ended June 30, 2025 and related management’s discussion and analysis (“MD&A”) 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 2025 second quarter results, President and CEO Jeff Chisholm stated: “CanAsia is working with financial advisors in connection with a process to explore and evaluate alternatives to divest of all or a portion of its interests in the Sawn Lake, Alberta heavy oil project held through its wholly-owned subsidiary Andora. As part of this process, CanAsia is undertaking a comprehensive review to identify and consider a broad range of alternatives to enhance shareholder value through the potential divestment of all or a portion of its interests in Sawn Lake, including, but not limited to, a sale of Andora or a strategic farmout or joint venture with respect to Sawn Lake. In response to initial market outreach, a number of parties have engaged in preliminary discussions with CanAsia and are currently evaluating a potential transaction with respect to Sawn Lake. However, CanAsia has not established a definitive timeline to complete this process and there can be no assurance that it will result in any specific transaction.
Further, under the guidelines of the 2025 Onshore Thailand 25th Oil and Gas Licensing round, CanAsia submitted a bid on concession L8, as part of a consortium and with a non-operated 30% working interest. It is anticipated winning parties with be notified by the Government of Thailand by the first quarter of 2026.
We look forward with anticipation to events over the next 6 months.”
HIGHLIGHTS
- In July 2025, the Company, as part of a consortium, submitted a bid to the government of Thailand for one concession with a non-operated 30% participating interest pursuant to the onshore Thailand 25th licensing round for a contract to explore for, develop, produce, and market oil or gas, in the exploration block onshore Thailand. The Company expects that the government of Thailand will announce awards of concessions in the first quarter of 2026.
- CanAsia had working capital totaling $1.5 million, no long-term debt and shareholders’ equity of $6.4 million at June 30, 2025.
- Common shares outstanding were 112.8 million at August 12, 2025, June 30, 2025 and December 31, 2024.
- Net loss in the second quarter of 2025 was $0.9 million ($0.01 loss per share) compared to net income of $3.3 million ($0.03 per share) in the second quarter of 2024. Income in the second quarter of 2024 included a partial reversal of impairment of exploration and evaluation assets related to the Sawn Lake working interest by an amount of $4.2 million.
- Cash flow used in operations in the second quarter of 2025 was $0.5 million ($0.00 per share) compared to $0.8 million ($0.01 per share) in the second quarter of 2024.
- General and administrative expense in the second quarter of 2025 was $0.5 million compared to $0.6 million in the second quarter of 2024. General and administrative expense is comprised primarily of expenses related to personnel and premises, external services, and public company costs.
- Personnel and premises costs were $0.2 million in the second quarter of 2025 compared to $0.3 million in the second quarter of 2024. These costs include salaries and benefits for employees, and fees incurred for consultants. They also include rent and other office costs related to the Company’s Calgary office.
- External service costs were $0.2 million in the second quarter of 2025 and 2024. These costs mainly related to professional fees for legal, audit, tax services, and information technology.
- Public company costs were $0.1 million in the second quarter of 2025 and 2024. These costs were incurred for maintaining the Company’s status as a public company and mainly related to shareholder reporting and meeting, TSXV fees, transfer agent, insurance and directors’ fees.
- Operating expenses were $0.2 million in the second quarter of 2025 and 2024. These expenses were incurred to safeguard and maintain the assets of Andora Energy Corporation’s (“Andora”) suspended SAGD project facility and wellpair at Sawn Lake Central.
- The natural gas pipeline tariff agreement which was entered into between Andora and a third party in 2018 with a commencement date of June 1, 2023 was recognized as an onerous contract under IAS 37 since the operation at Sawn Lake is shut-in. The Company has recognized a provision of $1.0 million representing the …