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CanAsia Energy Corp CECAF


Primary Symbol: V.CEC

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 venture009on Sep 01, 2024 4:12pm
578 Views
Post# 36204804

Direction

DirectionThis company doesn't appear to have anyone steering the ship. In 2015 after 9 years they decided to explore the possibilities of Sawn Lake with a SAGD battery and had success producing 700 bbls/d with a very acceptable steam oil ration of 2.4. The problem was they did this at the end of a commodity/oil boom and prices immediately started to drop making the Sawn Lake and many other oil producing properties uneconomical, resulting in Sawn Lake being shut in. If they don't manage to do something over the next 45 days, max, then I suspect they are going to experience the same outcome.. Of course if the war in the middle east expands then they will have more time to do something. Still they have had amble time to get something done, so what's the hold up? Looking at level 2 there is a huge amount of shares availabke for purchase. 
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