The Company is today filing its audited consolidated financial statements as at and for the year ended
Commenting today on CanAsia's 2023 results, President and CEO
"The focus of the Company remains monetization of the
A
"Once the plan to hold the auction is approved by Energy Minister Pirapan Salirathavibhaga, officials will invite energy companies to join the bidding process, said Warakorn Brahmopala, director-general of the
He expects the process to be finalized by the middle of the year".
At this time, we are uncertain if this means the bid round will be announced in
Lastly, as part of the recent
Subject to regulatory and shareholder approval, Risco's nominee on CanAsia's board will be Mr.
Chris has a career spanning 45 years in upstream oil and gas covering the full spectrum of exploration, development and production. Prior to Risco, former positions included: Managing Director of Fletcher Challenge in
Most recently, Chris had served 7 years as Executive Chairman at
Chris was an active Director of the
HIGHLIGHTS
- CanAsia had working capital totaling
$5.9 million , no long-term debt and shareholders' equity of$5.0 million atDecember 31, 2023 . - Common shares outstanding were 112.8 million at
March 12, 2024 and 100.2 million atDecember 31, 2023 . - On
January 16, 2024 , the Company completed a brokered private placement financing for gross proceeds of$1.258 million comprised of 12,580,000 common shares at a price of$0.10 per common share. In connection with the brokered private placement, the Company recorded$118,000 in share issue costs, comprised of$116,000 in commission and fees and the estimated fair value of$2,000 associated with 24,600 broker warrants issued to the broker. Each broker warrant is exercisable for common shares at a price of$0.10 per share for a period of two years from the issue date. - On
December 21, 2023 , the Company completed a brokered private placement financing for gross proceeds of$5.042 million comprised of 50,420,000 common shares at a price of$0.10 per common share. In connection with the Private Placement, the Company recorded$533,000 in share issue costs, comprised of$416,000 in commission and fees and the estimated fair value of$117,000 associated with 1,825,200 broker warrants issued to the broker. Each broker warrant is exercisable for common shares at a price of$0.10 per share for a period of two years from the issue date. - Net loss attributable to common shareholders for 2023 was
$3.2 million ($0.06 per share) compared to$0.7 million ($0.01 per share) in the period fromMay 27, 2022 toDecember 31, 2022 . The Company did not have active operations untilAugust 25, 2022 and the financial results in 2022 reflected approximately four months of operations. Net loss attributable to common shareholders in the fourth quarter of 2023 was$1.1 million ($0.02 per share) compared to$0.8 million ($0.02 per share) in the fourth quarter of 2022. - Cash flow used in operations in 2023 was
$2.0 million ($0.04 per share) compared to$0.6 million ($0.01 per share) in the period fromMay 27, 2022 toDecember 31, 2022 . Cash flow used in operations in the fourth quarter of 2023 was$0.4 million ($0.01 per share) compared to$0.5 million ($0.01 per share) in the fourth quarter of 2022. - General and administrative expense for 2023 was
$2,078,000 compared to$782,000 in the period fromMay 27, 2022 toDecember 31, 2022 . General and administrative expense in the fourth quarter of 2023 was$518,000 compared to$565,000 in the fourth quarter of 2022. General and administrative expense is comprised primarily of expenses related to personnel and premises, external services, and public company costs.- Personnel and premises costs for 2023 were
$712,000 compared to$260,000 in the period fromMay 27, 2022 toDecember 31, 2022 . Personnel and premises costs in the fourth quarter of 2023 were$172,000 compared$171,000 in the fourth quarter of 2022. These costs include salaries and benefits for employees, and fees incurred for consultants and contractors. They also include rent and other office costs related to the Company'sCalgary office. - External service costs for 2023 were
$822,000 compared to$377,000 in the period fromMay 27, 2022 toDecember 31, 2022 . External services costs in the fourth quarter of 2023 were$184,000 compared to$283,000 in the fourth quarter of 2022. These costs mainly related to professional fees for legal, audit and tax services. The higher costs in the fourth quarter of 2022 were mainly due to higher legal and audit fees for setting up the Company. - Public company costs for 2023 were
$356,000 compared to$128,000 in the period fromMay 27, 2022 toDecember 31, 2022 . Public company costs in the fourth quarter of 2023 were$99,000 compared to$98,000 in the fourth quarter of 2022. These costs were incurred for maintaining the Company's status as a public company.
- Personnel and premises costs for 2023 were
- Operating expenses in 2023 were
$625,000 compared to$149,000 in the period fromMay 27, 2022 toDecember 31, 2022 . Operating expenses in the fourth quarter of 2023 were$280,000 compared$113,000 in the fourth quarter of 2022. These expenses were incurred to safeguard and maintain the assets of Andora's suspended SAGD project facility and wellpair at Sawn Lake Central. The increase in the fourth quarter of 2023 was due to environmental work performed atSawn Lake . - 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 atSawn Lake is shut-in. The Company has recognized a provision of$1.1 million representing the net cost of fulfilling the contract. - The current portion of the decommissioning provision of
$0.6 million as atDecember 31, 2023 relates to the legacy subsidiaries of POEH which had held interests in the East Jabung Production Sharing Contract ("PSC") inIndonesia and a well pertaining to Andora's interests inSawn Lake ,Alberta . CanAsia is withdrawing from activities inIndonesia and decommissioning related costs are expensed when incurred. During 2023, the Company revised its estimate of the decommissioning provision at the Jambi PSC resulting in a$0.3 million reduction to the current decommissioning provision during the year. The non-current portion of the decommissioning provision of$1.4 million as atDecember 31, 2023 pertained to Andora's interests inSawn Lake ,Alberta .
OUTLOOK
The Company plans on participating in the upcoming
Financial and Operating Results
Three months ended |
Year ended December 31, | Period from | |||
($000s of Canadian dollars except where indicated) | 2023 | 2022(1) | 2023 | 2022(1) | |
FINANCIAL | |||||
Financial Statement Results | |||||
Net loss attributable to common shareholders (2) | (1,085) | (780) | (3,194) | (725) | |
Per share – basic and diluted | |||||
Cash flow used in operating activities (3) | (389) | (514) | (2,007) | (617) | |
Per share – basic and diluted | |||||
Cash flow used in investing activities (3) | (4) | - | (1,596) | - | |
Per share – basic and diluted | - | - | |||
Cash flow from (used in) financing activities (3) | 4,616 | (9) | 4,602 | 9,310 | |
Per share – basic and diluted | |||||
Working capital | 5,918 | 6,244 | 5,918 | 5,370 | |
Shareholders' equity (4) | 4,952 | 5,128 | 4,952 | 5,128 | |
Weighted average shares outstanding (000s) | 55,822 | 49,794 | 51,313 | 49,794 | |
General and administrative expense (2) | (518) | (565) | (2,078) | (782) | |
Operating expense (2) | (280) | (113) | (625) | (149) | |
Natural gas pipeline tariff provision (2) | (164) | - | (1,050) | - | |
Stock-based compensation (2) | (21) | (93) | (116) | (96) | |
Amortization (2) | (18) | (13) | (66) | (17) | |
Decommissioning recovery (expense) (2) | (142) | (70) | 268 | 3 | |
Gain on sale of equipment (2) | - | - | 100 | - | |
Finance income (2) | 70 | 63 | 293 | 70 | |
Foreign exchange gain (loss) (2) | (12) | (77) | 31 | 231 | |
Deferred income tax recovery (expense) (2) | - | 68 | 22 | (22) | |
Net loss attributable to non-controlling interest in Andora (2) | - | 20 | 27 | 37 | |
Net loss attributable to common shareholders (2) | (1,085) | (780) | (3,194) | (725) |
(1) | The Company was incorporated on |
(2) | As set out in the Consolidated Statements of Operations and Comprehensive Loss in CanAsia's Consolidated Financial Statements. |
(3) | As set out in the Consolidated Statements of Cash Flows in CanAsia's Consolidated Financial Statements. |
(4) | As set out in the Consolidated Statements of Changes in Shareholders' Equity in CanAsia's Consolidated Financial Statements. |
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 outcome and timing of the resolution of issues with the joint venture interest holders at the Company's
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 the year ended
Neither
SOURCE
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