CALGARY, AB, April 9, 2026 /CNW/ - CanAsia Energy Corp. ("CanAsia" or the "Company") (TSXV: CEC) reports 2025 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 year ended December 31, 2025 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 2025 results, President and CEO Jeff Chisholm stated: "After a somewhat unexpected snap election was called by the Government of Thailand for February 2026, the new government has now appointed the key ministerial positions and a concession award announcement for the 25$(TH)$ Onshore Licensing round is expected at any time. Management continues to be engaged with a number of parties with regard to a possible transaction involving the Company's Sawn Lake heavy oil project. While no definitive timeline has been established and there can be no assurance that a transaction will be agreed to, CanAsia is working towards announcing a transaction in the second quarter of 2026.
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 currently
expects that the government of Thailand will announce awards of
concessions in the second quarter of 2026.
-- CanAsia had working capital totaling $0.2 million, no long-term debt, a
cash and cash equivalents balance of approximately $3.9 million and
shareholders' equity of $5.2 million at December 31, 2025.
-- Common shares outstanding were 112.8 million at April 8, 2026 and at
December 31, 2025.
-- Net loss in 2025 was $2.9 million ($0.03 per share) compared to net
income of $1.2 million ($0.01 per share) in 2024. Net loss in the fourth
quarter of 2025 was $0.6 million ($0.01 per share) compared to $0.8
million ($0.01 per share) in the fourth quarter of 2024.
-- Cash flow used in operations in 2025 was $3.1 million ($0.03 per share)
compared to $2.7 million ($0.02 per share) in 2024. Cash flow used in
operations in the fourth quarter of 2025 was $0.6 million ($0.01 per
share) compared to $0.4 million ($0.00 per share) in the fourth quarter
of 2024.
-- General and administrative expense in 2025 was $1.9 million compared to
$2.2 million in 2024. General and administrative expense was $0.4 million
in the fourth quarter of 2025 compared to $0.5 million in the fourth
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 $0.7 million in 2025 and 2024,
and $0.2 million in the fourth quarter of 2025 and 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 for 2025 were $0.6 million compared to $0.9
million in 2024. External services costs were $0.1 million in the
fourth quarter of 2025 compared to $0.2 million in the fourth
quarter of 2024. These costs mainly related to professional fees
for legal, audit, tax services, information technology and
engineering.
-- Public company costs were $0.4 million in 2025 and 2024, and $0.1
million in the fourth 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, TSX fees,
transfer agent, insurance and directors' fees.
-- Operating expenses were $0.7 million in 2025 and 2024. Operating expenses
in the fourth quarter of 2025 and 2024 were $0.2 million. These expenses
were incurred to safeguard and maintain the assets of Andora's 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 $0.9
million representing the net cost of fulfilling the contract as at
December 31, 2025.
-- The current portion of the decommissioning provision of $0.6 million as
at December 31, 2025 was related to the legacy subsidiaries of POEH which
had held interests in the East Jabung Production Sharing Contract in
Indonesia and a well pertaining to Andora's interests in Sawn Lake,
Alberta. CanAsia is withdrawing from activities in Indonesia and
decommissioning related costs are expensed when incurred. The non-current
portion of the decommissioning provision of $1.7 million as at December
31, 2025 pertained to Andora's interests in Sawn Lake, Alberta.
-- An impairment recovery of $4.2 million recorded in the second quarter of
2024 was related to a partial impairment reversal with respect to a 75%
Sawn Lake working interest already owned by Andora as a result of the
acquisition of certain assets of Northern Alberta Oil Ltd. and Deep Well
Oil & Gas (Alberta) Ltd. in the second quarter of 2024. No impairment or
impairment reversal was recorded in 2025.
OUTLOOK
After a somewhat unexpected snap election was called by the Government of Thailand for February 2026, the new government has now appointed the key ministerial positions and a concession award announcement for the 25(TH) Onshore Licensing round is expected at any time. Management continues to be engaged with a number of parties with regard to a possible transaction involving the Company's Sawn Lake heavy oil project. While no definitive timeline has been established and there can be no assurance that a transaction will be agreed to, CanAsia is working towards announcing a transaction in the second quarter of 2026.
Liquidity and Capital Resources
As at December 31, 2025, CanAsia does not have sufficient resources available to fund expected activity levels over the next 12 months. The Company will require additional capital to support general corporate activities, general and administrative costs and the ongoing maintenance of Sawn Lake, for any evaluation and exploration program in respect of a Thailand concession in the event the Company is successful in the Thailand bid round and, subject to a completing a transaction with respect the Sawn Lake heavy oil project, for the potential development of Sawn Lake.
The amount and timing of the capital required to fund the ongoing operations of CanAsia, including the evaluation and exploration program for a potential Thailand concession and any future development of Sawn Lake, is not known. However, it is reasonably certain that the amount of capital required is in excess of the working capital currently held by CanAsia.
In order to continue as a going concern and fund its ongoing operations, CanAsia will require additional funds through debt or equity financings or other available means. However, there is no assurance that CanAsia will be able to obtain adequate financing or alternative sources of funds on terms satisfactory to CanAsia or at all.
Financial and Operating Results
Three months ended Year endedDecember 31,
December 31,
($000s of Canadian dollars 2025 2024 2025 2024
except where indicated)
FINANCIAL
Financial Statement Results
Net income (loss)
attributable to common
shareholders
(1) (635) (791) (2,944) 1,161
Per share -- basic and
diluted $ (0.01) $ (0.01) $ (0.03) $ 0.01
Cash flow used in operating
activities (2) (581) (401) (3,071) (2,693)
Per share -- basic and
diluted $ (0.01) $ (0.00) $ (0.03) $ (0.02)
Cash flow used in investing
activities (2) - (3) (6) (1,337)
Per share -- basic and
diluted - $(0.00) $ (0.00) $(0.01)
Cash flow from (used in)
financing activities (2) (13) (10) (32) 1,118
Per share -- basic and
diluted $ (0.00) $ (0.00) $ (0.00) $ 0.01
Working capital 164 3,113 164 3,113
Shareholders' equity (3) 5,162 7,838 5,162 7,838
Weighted average shares
outstanding (000s) 112,794 112,794 112,794 112,278
General and administrative
expense (1) (405) (479) (1,915) (2,204)
Operating expense (1) (182) (156) (677) (680)
Natural gas pipeline tariff
recovery (provision) (1) 8 (71) 16 9
Stock-based compensation (1) (36) (114) (268) (583)
Amortization (1) (25) (18) (69) (62)
Decommissioning recovery (1) - - - 47
Loss on asset retirement
obligation settlement (1) - - (31) -
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