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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

Comment by radcaton Aug 20, 2023 5:03pm
212 Views
Post# 35597105

RE:RE:Q-2

RE:RE:Q-2CEC's cash has really dwindled to the point they would have to take on debt to bring on phase 1 production and much more to get phase 2 up to 3.600 bopd. Going into debt is something management has not been willing to do which is what i liked about POE. In hindsight selling off L-53 was a mistake. Getting rid of our cashflow meant spending what they had ($7 million) post Thailand. With the Thai auction constantly postponed if not in doubt of occuring in the foreseeable future CEC will likely have spent all its cash by then with nothing to invest in Sawn Lake. Debt is their only option unless they farm it out which they already published their intent to do so. Selling all of SL completely will indicate its lights out for CEC. Management is bleeding off CEC's cash with no prospects immediately on the horizon. For Jeff to do a VLE type deal would be a company saving miracle. The sort of event that would be equivalent to parting the Red Sea. That said, I'm not holding my breath. Glad I sold. 

Radcat
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