CALGARY, AB, Aug. 18, 2026 (CNW Group via COMTEX) --
CanAsia Energy Corp. ("CanAsia" or the "Company") (CEC â?? TSXV) reports 2026 second quarter consolidated financial and operating results.Â
The Company is today filing its unaudited consolidated financial statements as at and for the six months ended June 30, 2026 and related management's discussion and analysis (the "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 2026 second quarter results, President and CEO Jeff Chisholm stated: "With the divestment of the Sawn Lake SAGD heavy oil asset, CanAsia will now focus on conventional oil assets within the Asia Pacific region, an area within which the principals of CanAsia have historically had success. Just over a year ago, CanAsia was part of a bidding consortium for onshore Thailand concession L8. After some delays, related partly to the national election that was held in February 2026, we anticipate the possible announcement of the Thailand 25th Onshore bid round results at any time".
HIGHLIGHTS
OUTLOOK
With the divestment of the Sawn Lake SAGD heavy oil asset, CanAsia will now focus on conventional oil assets within the Asia Pacific region. Just over a year ago, CanAsia was part of a bidding consortium for onshore Thailand concession L8. After some delays, related partly to the national election that was held in February 2026, CanAsia now anticipates the possible announcement of the Thailand 25th Onshore bid round results at any time.
Liquidity and Capital Resources
At June 30, 2026, CanAsia had a working capital deficit of $2.2 million (including the current portion of the natural gas pipeline tariff provision of $0.3 million, the current portion of the decommissioning provision of $0.6 million, and the current portion of the project funding due to KIGAM of $0.6 million). Non-current deposits of $1.3 million consisted of deposits placed with the Alberta Energy Regulator in Canada for the interests of Andora at Sawn Lake. The non-current portion of the natural gas pipeline tariff provision was $0.3 million and the non-current portion of the decommissioning provision was estimated at $1.8 million for Andora's wells and facilities in Canada. The Company's exploration and evaluation assets at June 30, 2026 amounted to $26.2 million.
As a result of the KIGAM Agreement entered into with KIGAM dated May 6, 2026, the Company is expected to have sufficient funding available to restart production at the Sawn Lake property. On August 14, 2026, the Company entered into the Purchase and Sale Agreement providing for the sale of Andora for a base purchase price of $30 million plus additional deferred and conditional payments. See "Highlights" above and "Recent Developments" in the MD&A.
Subject to closing of the Andora Transaction, the Company expects to have sufficient capital to support general corporate activities, general and administrative costs and for the initial evaluation and exploration program in respect of a Thailand concession in the event the Company is successful in the Thailand bid round.
Financial and Operating Results
Cautionary StatementsÂ
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 the research and development project at Sawn Lake, including project timelines with respect thereto; statements with respect to the Company's bid, as part of a consortium, for one concession with a non-operated 30% participating interest pursuant to the onshore Thailand 25th licensing round, including the outcome thereof and the expected timing of the government of Thailand's award of concessions; statements with respect to the Andora Transaction, including the closing thereof and the receipt of the consideration payable thereunder, including the deferred and conditional payments.
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. In particular, there can be no assurance that the government of Thailand will accept CanAsia's bid on the terms proposed or at all or that the Process will result in any transaction or that the Andora Transaction will be completed as proposed, or at all. 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.
See "Forward-Looking Statements" in CanAsia's management's discussion and analysis for the three months ended June 30, 2026 for more information on the assumptions on which the Company has relied and the risks and uncertainties and other factors that could impact the forward-looking information in this press release. 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.
SOURCE: CanAsia Energy Corp.
FOR FURTHER INFORMATION, PLEASE CONTACT: CanAsia Energy Corp.,AJeff Chisholm,
President and CEO (located in Bangkok, Thailand),AEmail: jeff@canasiacorp.com - or -
Marcel Nunes, Vice President Finance and CFO,AEmail: marcel@canasiacorp.com,
Telephone: (403) 294-1770
COMTEX_490928260/2197/2026-08-18T08:30:00
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