CanAsia Energy Corp V.CEC

Andora Energy

[dowd]

This is from the latest Maurel and Prom earnings release:

""

• In Canada, M&P sold its 25% stake in the Sawn Lake project in March 2022 to its partner Andora, which already owned 50% of the asset and is the operator. M&P decided to exit Canada after concluding that development of the asset would not meet its economic and environmental criteria.""

[radcat]

This is a material event and POE should be issuing a news release very soon. Maurel and Prom I believe paid $40 million for their 25% stake. Did Pan Orient have a hard time selling their 50% and will owning 75% of Sawn Lake be easier to sell now? What price did Andora pay? That will more or less determine Sawn Lakes worth.  

[kelsterman69]

I agree Radcat. They need to realease what that means to Pan Orient. Where did Andora get the money to buy it? I remember awhile ago Pan Orient gave them money to keep operating?   Hopefully it either gives them the ability now to sell it or maybe that was the last obstacle to being able to turn the steam back on.   If they can't hedge a good enough price to turn a profit in this

[Sudirman2]

Seems odd given their statement in the year end; OUTLOOK CORPORATE In the fourth quarter of 2021, the Company announced a process to accelerate shareholder value given the mid to late stage development of Thailand, intention to minimize further investment into the Sawn Lake asset, and strength in current oil prices. Perhaps, as suggested, it is the first step to consolidate to make&

[nozzpack]

It seems from a logical point that the Seller has been forced into accepting the Green lunacy , hence Andora had to pay only a nominal sum of $0.5 m. The logic behind Andora accepting the collateral commitments given POE's intent to offload Sawn Lake can only be viewed as indication that POE has found a buyer. Sawn Lake is a viable asset at $100 oil. I doubt that we will get very much

[bullhorn3]

As I read the text, Andorra received $0.5M rather than paying $0.5M, in order to transfer away the seller's obligations for abandonment, clean-up, up-keep, etc. Of course, we, on this board hope that the site will be restarted. Sawn Lake has patents, too, I believe. Maybe they are worth something, as well as the site itself..