The Company is today filing its unaudited consolidated financial statements as at and for the three months ended March 31, 2023 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 2023 first quarter results, President and CEO Jeff Chisholm stated: “The majority of obligations with regard to the earlier sale of Pan Orient Energy Corp. have now been fulfilled. Recent activities have been focused on long lead time environmental approvals/inspections at Sawn Lake and evaluating options for the upcoming onshore Thailand bid round that is anticipated to be announced in 2023.”
HIGHLIGHTS
The majority of obligations with regard to the earlier sale of Pan Orient Energy Corp. have now been fulfilled. Future activities will be focused on long lead time environmental approvals/inspections at Sawn Lake and participating in an onshore Thailand bid round that is anticipated to be announced in 2023.
COVID-19 and Ukraine Invasion
Events such as the Covid-19 pandemic and the invasion of Ukraine by Russian forces have resulted in significant disruption to business operations and 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 Environmental, Social, and Governance (“ESG”)
Climate change and ESG culture 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.
Financial and Operating Results
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Three months ended and as at March 31, |
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($000s of Canadian dollars except where indicated) |
2023 |
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FINANCIAL |
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Financial Statement Results |
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Net loss attributable to common shareholders (1) |
(1,265) |
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Per share – basic and diluted |
$ (0.03) |
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Cash flow used in operating activities (2) |
(84) |
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Per share – basic and diluted |
$ (0.00) |
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Cash flow used in investing activities (2) |
(1,580) |
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Per share – basic and diluted |
$ (0.03) |
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Cash flow used in financing activities (2) |
(2) |
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Per share – basic and diluted |
$ (0.00) |
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Working capital |
3,099 |
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Shareholders’ equity (3) |
2,194 |
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Shares outstanding (000s) |
49,794 |
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General and administrative expense (1) |
(529) |
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Operating expense (1) |
(90) |
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Natural gas pipeline tariff expense (1) |
(901) |
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Stock-based compensation (1) |
(38) |
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Amortization (1) |
(16) |
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Decommissioning recovery (1) |
46 |
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Gain on sale of equipment (1) |
100 |
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Finance income (1) |
83 |
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Foreign exchange gain (1) |
31 |
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Deferred income tax recovery (1) |
22 |
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Net loss attributable to non-controlling interest in Andora (1) |
27 |
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Net loss attributable to common shareholders (1) |
(1,265) |
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1) As set out in the Consolidated Statement of Operations and Comprehensive Loss in CanAsia’s Consolidated Financial Statements. |
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2) As set out in the Consolidated Statement of Cash Flows in CanAsia’s Consolidated Financial Statements. |
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3) As set out in the Consolidated Statement of Changes in Shareholders’ Equity in CanAsia’s Consolidated Financial 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; 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.