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CanAsia Energy Corp V.CEC

Alternate Symbol(s):  CECAF

CanAsia Energy Corp. is a Canada-based junior oil and gas company. The Company is engaged in the exploration for, and the acquisition, development and production of, crude oil and natural gas reserves. The Company, through its subsidiary, Andora Energy Corporation, is focused on developing the bitumen resources at the Sawn Lake property using steam assisted gravity drainage (SAGD) development. The Company has working interests in, four heavy oil sand leases with 27 sections (24.25 net sections) of Sawn Lake Alberta Crown oil sands leases within the Alberta Peace River Oil Sands area. In the Sawn Lake Central area, it operates with a 100% working interest in two oil sands leases with 11 gross sections (8.25 net sections). In the Sawn Lake South area, it operates with a 100% working interest in three oil sands leases with 16 gross sections (16 net sections).


TSXV:CEC - Post by User

Post by radcaton Sep 07, 2022 4:43pm
217 Views
Post# 34947855

Goodbye

GoodbyeSold all of my CEC shares. WTI was down $5.00 to close @ $82 while CWS fell to $62. I really can't see Sawn Lake being developed with oil (WCS) at this level. And it isn't a given Thailand will proceed with their auction anytime soon since it has been cancelled in the past. Perhaps Jeff will search for an asset purchase which would have to be financed with borrowed money is a third possibility. I personally do not see any of these scenarios occuring for a while which makes CEC dead money is my point of view. Might as well redeploy the cash into another investment that has near term prospects. I will continue to watch Canasia and see what direction management will take. Until then its time to move on.        
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