CANASIA ENERGY CORP. 2025 First Quarter Financial & Operating Results
The Company is today filing its unaudited consolidated financial statements as at and for the three months ended
Commenting today on CanAsia's 2025 first quarter results, President and CEO
HIGHLIGHTS
- CanAsia had working capital totaling
$2.3 million , no long-term debt and shareholders' equity of$7.2 million atMarch 31, 2025 . - Common shares outstanding were 112.8 million at
May 15, 2025 and atDecember 31, 2024 . - Net loss in the first quarter of 2025 was
$0.7 million ($0.01 per share) compared to$0.6 million ($0.01 per share) in the first quarter of 2024. - Cash flow used in operations in the first quarter of 2025 was
$1.2 million ($0.01 per share) compared to$0.9 million ($0.01 per share) in the first quarter of 2024. Cash flow used in operations in the first quarter of 2025 was mainly attributable to general and administrative expense of$0.5 million and operating expense of$0.2 million to maintain the shut-in facility ofAndora Energy Corporation . - General and administrative expense in the first quarter of 2025 was
$0.5 million compared to$0.6 million in the first 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 first quarters 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'sCalgary office. - External service costs for the first quarter of 2025 were
$0.2 million compared to$0.3 million in the first quarter of 2024. These costs mainly related to professional fees for legal, audit, tax services, information technology and engineering. - Public company costs were
$0.1 million in the first quarters 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.
- Personnel and premises costs were
- Operating expenses in the first quarters 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 atSawn Lake is shut-in. The Company has recognized a provision of$1.0 million representing the net cost of fulfilling the contract as atMarch 31, 2025 . - The current portion of the decommissioning provision of
$0.6 million as atMarch 31, 2025 was related to the legacy subsidiaries of POEH which had held interests in the East Jabung Production Sharing Contract 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. The non-current portion of the decommissioning provision of$1.8 million asMarch 31, 2025 pertained to Andora's interests inSawn Lake ,Alberta .
OUTLOOK
As previously disclosed, the
The uncertainties related to the recent Canadian federal election and the ongoing trade dispute between
Financial and Operating Results
|
Three months ended |
||
($000s of Canadian dollars except where indicated) |
2025 |
2024 |
|
FINANCIAL |
|
|
|
Financial Statement Results |
|
|
|
Net loss (1) |
(730) |
(601) |
|
|
Per share – basic and diluted |
|
|
Cash flow used in operating activities (2) |
(1,175) |
(919) |
|
|
Per share – basic and diluted |
|
|
Cash flow from (used in) financing activities (2) |
(2) |
1,140 |
|
|
Per share – basic and diluted |
|
|
Working capital |
2,337 |
6,377 |
|
Shareholders' equity (3) |
7,218 |
5,502 |
|
Weighted average shares outstanding (000s) |
112,794 |
100,720 |
|
General and administrative expense (1) |
(484) |
(645) |
|
Operating expense (1) |
(164) |
(185) |
|
Natural gas pipeline tariff recovery (1) |
30 |
71 |
|
Stock-based compensation (1) |
(110) |
(9) |
|
Amortization (1) |
(14) |
(14) |
|
Decommissioning recovery (1) |
- |
42 |
|
Loss on decommissioning provision settlement (1) |
(31) |
- |
|
Finance income (1) |
10 |
134 |
|
Foreign exchange gain (1) |
33 |
5 |
|
Net loss (1) |
(730) |
(601) |
(1) |
As set out in the Consolidated Statements of Operations and Comprehensive Loss in CanAsia's Consolidated Financial Statements. |
(2) |
As set out in the Consolidated Statements of Cash Flows in CanAsia's Consolidated Financial Statements. |
(3) |
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; statements with respect to a potential monetization involving Andora'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 three months ended
Neither
SOURCE